DGAP-Media: Klöckner-Werke AG's Annual General Meeting approves squeeze-out
(firmenpresse) - Klöckner-Werke AG / Enterprise
25.08.2010 19:51
Dissemination of a Press Release, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Frankfurt am Main, August 25, 2010 - The shareholders of Klöckner-Werke AG
have approved the transfer of the shares of minority shareholders to
majority shareholder Salzgitter Mannesmann GmbH (squeeze-out) at the
company's Annual General Meeting held today in Frankfurt am Main. The
resolution provides for a cash settlement of EUR 14.33 per share to the
remaining minority shareholders. The squeeze-out becomes effective with the
entry of the resolution in the commercial register. Salzgitter Mannesmann
GmbH, a Group company of Salzgitter AG, will then take over the remaining
shares of Klöckner-Werke AG.
Salzgitter has had a majority holding in Klöckner-Werke AG since 2007.
Roland Flach, Chairman of the Management Board of Klöckner-Werke AG,
welcomes the forthcoming 100% participation of the parent company.
'This complete takeover is a very positive signal, especially for our
customers and employees. It makes it clear that Salzgitter AG is standing
firm in its commitment to Klöckner-Werke AG in the long term. Klöckner is
included in Salzgitter's company concept and is not just a financial
shareholding.'
Mr Flach also emphasised: 'The cash settlement to the remaining minority
shareholders of EUR 14.33 is far above the enterprise value determined by
experts, which amounts to EUR 8,61 according to the actual expertise.'
In his speech at the Annual General Meeting, Roland Flach also referred to
an extremely difficult 2009, which ended with a consolidated loss of EUR
200 million before tax. He also gave an outlook for the beginning of the
business recovery. Incoming orders increased by 48.7% in the first half of
2010 as compared to the weak prior-year figures. However, EBIT can only
recovery slowly due to the price pressure on the market. After positive
EBIT in the second quarter, EBIT came to EUR -9.8 million for the first
half overall.
'We are experiencing a development for the better. However, the volatile
markets require that we react flexibly to strong fluctuations. We have not
yet reached the level of the strong pre-crisis years', commented Chairman
of the Management Board Roland Flach on the business situation in the first
half of 2010.
All agenda points approved
The Annual General Meeting also approved all other agenda points, which
included Supervisory Board elections, creating new authorised capital and
amending the Articles of Association in line with ARUG (Gesetz zur
Umsetzung der Aktionärsrechterichtlinie - Act Implementing the Shareholder
Rights Directive).
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About Klöckner-Werke AG
(ISIN : DE0006780000/SCN: 678000, ISIN: DE000A0WMQY3/SCN : A0WMQY)
Klöckner-Werke AG is a Group holding company whose subsidiaries operate
globally in mechanical engineering and plant construction. In the 2009
financial year, the Group employed a workforce of approximately 6,000 and
achieved sales of EUR 754 million.
The main focus of our business operations is on KHS GmbH, Dortmund. For
many years now, the company has been established as a world leader in the
provision of filling and packaging systems for both the beverages industry
and the food and non-food industry. Other Klöckner Group companies produce
machines and plants for plastic processing and shoe manufacture.
Klöckner-Werke AG has been listed since 1953. Due to the squeeze-out of the
minority shareholders, the admission of the shares of Klöckner-Werke AG to
the Regulated Market of the Frankfurt Stock Exchange and to the exchanges
of Berlin-Bremen, Düsseldorf, Hamburg, Stuttgart, Munich and Hanover will
end after the squeeze-out resolution has been entered in the commercial
register.
Information for editorial offices:
The speech by Chairman of the Management Board Roland Flach to the Annual
General Meeting can be found on the Internet at www.kloecknerwerke.de
(Investor Relations/Annual General Meeting).
Contact for further queries:
Klöckner-Werke AG
Maren Moisl
Media/Investor Relations
Phone: + 49 (0) 69 90026-165
Fax: + 49 (0) 69 90026-555
kommunikation(at)kloecknerwerke.de
www.kloecknerwerke.de
25.08.2010 19:51 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Klöckner-Werke AG
Postfach 17 04 55
60078 Frankfurt am Main
Deutschland
Internet: www.kloecknerwerke.de
End of News DGAP-Media
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Datum: 25.08.2010 - 19:51 Uhr
Sprache: Deutsch
News-ID 32071
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