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© thomaspajot dreamstime.com Electronics Production | February 29, 2016

Manz to sell stake to Shanghai Electric

German equipment manufacturer Manz AG has entered into a “strategic collaboration” with Shanghai Electric Group – which means that the German company is selling take of at least 29.9 % to the Chinese company.
In order to enable Shanghai Electric to acquire a participating interest and to strengthen the financial performance, Manz AG plans to increase the company's capital stock by approximately 43% against cash contributions (corresponds to approximately 29.9% after the capital increase) by issuing new shares from the authorized capital with the inclusion of the shareholders’ subscription rights.

Manz AG and Shanghai Electric have concluded an agreement, under which a subsidiary of Shanghai Electric will acquire those shares from the planned capital increase that are not subscribed by the shareholders at the subscription price. Shareholders Dieter Manz and Ulrike Manz, who currently own 35.2% and 3.8% of the company, will not exercise their subscription rights.

The subscription price for the new shares must be set as close as possible to the market, up to a maximum of EUR 40 per share. The obligations of Shanghai Electric are conditional on – among other things – the approval from anti-trust authorities in China and various official approvals in China.

Dieter Manz intends to continue to hold a major participating interest in the company, and will continue to lead the company in the capacity of Chief Executive Officer.

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