Brief: Rieter Buys Three Businesses From Saurer For EUR 300 Million

Rieter Holding AG

16/08/2021 05:35

Aug 16 (Reuters) - RIETER HOLDING AG  RIEN.S :
    * ACQUIRES THREE BUSINESSES FROM SAURER
    * CLOSING EXPECTED DURING THE MONTH OF AUGUST,
IMPLEMENTATION TO
BE COMPLETED IN SIX TO NINE MONTHS
    * SCHLAFHORST AUTOMATIC WINDER AS WELL AS ACCOTEX AND TEMCO
WILL
BE TRANSFERRED FROM SAURER TO RIETER
    * IN FIRST STEP OF TRANSACTION, RIETER WILL ACQUIRE 57%
SHARES OF
SAURER NETHERLANDS, WHICH WILL BE RETURNED TO SAURER AFTER
IMPLEMENTATION OF THE TRANSACTION
    * PURCHASE PRICE FOR THE THREE BUSINESSES IS EUR 300 MILLION
ON A
CASH AND DEBT FREE BASIS. RIETER HAS FINANCED THE PURCHASE PRICE
BY CASH AND AVAILABLE CREDIT LINES
    * CHANGES IN THE RIETER BOARD OF DIRECTORS
    * BOARD OF DIRECTORS WILL FILE A CRIMINAL COMPLAINT AGAINST 
MEMBERS LUC TACK AND STEFAAN HASPESLAGH
    * LUC TACK AND STEFAAN HASPESLAGH HAVE USED INTERNAL
INFORMATION
TO COMPETE WITH RIETER THROUGH THEIR OWN OFFER
    * TO CONVENE AN EXTRAORDINARY GENERAL MEETING AT WHICH ITS
MEMBERS, LUC TACK AND STEFAAN HASPESLAGH, ARE TO BE DISMISSED
    * DATE OF THE EXTRAORDINARY GENERAL MEETING WILL BE
ANNOUNCED AT
THE APPROPRIATE TIME

Source text for Eikon:  ID:nEQ4YdlN7a 
Further company coverage:  RIEN.S 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))