International technology Group Andritz based in Graz, Austria, has acquired the entire 38.5% interest held by Schuler-Beteiligungen GmbH in publicly listed Schuler AG, headquartered in Göppingen, Germany. Andritz paid €20 in cash per share.
In addition, Andritz
has announced a voluntary public takeover offer to the remaining shareholders for the acquisition of the outstanding shares (i.e. 61.5% of Schuler AG’s
Via a German affiliate, Andritz is offering also the remaining shareholders of Schuler AG €20 per share in cash.
Enforcement of the acquisition of Schuler-Beteiligungen GmbH’’s block of shares as well as the takeover offer can only go through upon approval of both transactions by the anti-trust authorities.
The Andritz Group has a net cash position of approximately €1.3 billion as of the end of March 2012 and is thus able to acquire Schuler AG out of its own financial resources.
During the first six months of the current business year, Schuler was able to increase its sales substantially to €581 million (+44% vs. the reference period of last year), assisted by the current high investment activity in the automotive industry.
With annual sales of more than €1 billion and more than 5,000 employees, Schuler considers itself to be global leader in metal forming technology, supplying complete press lines and automation systems for the automotive and other metal processing industries.
The company operates branches and production sites all over the world and has a strong presence particularly in the emerging markets of Asia and South America.