Frankfurt/Main, March 10, 2010 - Salzgitter Mannesmann GmbH, Salzgitter, today informed the Management Board of the company that it directly holds 51,851,147 shares of the company and thus 95.776% of the share capital. Salzgitter Mannesmann GmbH addressed a request to the Management Board in line with Article 327a Paragraph 1 (1) of the German Stock Corporation Act to resolve the transfer of the shares of all other shareholders (minority shareholders) to Salzgitter Mannesmann GmbH against the grant of an appropriate cash consideration.
As of yesterday, the volume-weighted, domestic, average price of the companys share in XETRA trading of Deutsche Börse AG over the last three-month-period was EUR14.33. On the basis of a preliminary estimate, Salzgitter Mannesmann GmbH expects that this average stock price will be higher that the cash consideration per share calculated on the basis of the companys enterprise value. For this reason the cash consideration for the shareholders to be squeezed out is expected to be EUR 14.33 per share.
Klöckner-Werke AG will introduce all measures necessary to implement such a squeeze-out procedure. To save costs, the request for transfer should be resolved in the companys Annual General Meeting. For this reason, it is expected that the Annual General Meeting scheduled for July 9, 2010 will be put back to a date in August 2010. The exact date of the Annual General Meeting will be announced shortly.
The Management Board
Contact:
Klöckner-Werke AG
Andrea Spiekermann
Media/Investor Relations
Telefon: 49 (0)69 90026-510
Fax: 49 (0)69 90026-44-510
kommunikationkloecknerwerke.com
No comments:
Post a Comment