Electronics Production | March 31, 2010
Elcoteq: Negotiations with Videocon terminated
After a mutual re-assessment, Elcoteq and Videocon have decided to terminate the negotiations aiming at Videocon becoming a major shareholder in Elcoteq.
In September 2009, Elcoteq announced that it had signed a non-binding Letter of Intent with Videocon Industries Limited (Videocon) regarding a major equity investment which would have made Videocon a major single shareholder in Elcoteq. After mutual re-assessment, the parties decided to terminate the negotiations in March 2010. In January 2010, Elcoteq issued hybrid securities in an amount of EUR 29 million and used the proceeds directly to repay outstanding debenture bonds having an aggregate nominal amount of EUR 105 million. This major transaction improved significantly Company's indebtedness and solidity. If the debenture and hybrid transaction had taken place in 2009, as at December 31, 2009, the company's gearing would have been 0.7, solvency 24% and net debt EUR 82 million. By improving the equity structure of the Company, the transaction altered the original investment structure planned by Videocon, and finally led to the mutual decision of both parties to terminate the negotiations. Elcoteq continues to seek alternative ways to further strengthen its financing structure through equity and long-term financing arrangements.
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