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Electronics Production | August 22, 2011

Electrolux acquires CTI

Electrolux will acquire Sigdo Koppers’ controlling stake in Compañia Tecno Industrial S.A (CTI).
Sigdo Koppers and certain associated parties have agreed to sell their controlling interest in CTI to Electrolux, corresponding to approximately 64% of the outstanding shares. CTI is listed on the Santiago Stock Exchange. Under the terms of the agreement, Electrolux will commence a cash tender offer to acquire 100% of the outstanding shares in CTI at a price of 34.87 Chilean Pesos (CLP) per share with Sigdo Koppers and certain associated parties committed to tender their 64% stake.

Electrolux will also commence a cash tender offer to acquire all of the outstanding shares of CTI’s subsidiary, Somela, also listed on the Santiago Stock Exchange, for CLP 325 per share, with CTI committed to tender its 78.5% stake. CTI’s net income from the sale of its shares in Somela will be distributed to its shareholders through a pre-closing dividend of CLP 4.39 per share.

As part of the transaction, CTI will also pay a pre-closing dividend to its shareholders based on its net income for the first half of 2011, of CLP 1.63 per share. In total CTI’s shareholders will receive CLP 40.90 per share. The implied enterprise value for CTI and its subsidiaries, corresponds to approximately SEK 4.4 billion (CLP 318 billion). The tender offers are expected to commence within ten business days from the signing of the agreement.

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