Germany's Schaltbau set for best day since 2004 on U.S. Carlyle bid

Schaltbau Holding AG

09/08/2021 08:46

** Schaltbau  SLTG.DE  shares soar about 37% after Carlyle
 CG.O  unit Voltage Bidco said it would enter a domination
agreement over the German railway parts specialist  urn:newsml:reuters.com:*:nASN001J5N
    ** On Saturday, the U.S.-based private equity firm Carlyle
Group offered to buy the Munich-based Schaltbau for about 700
million euros  urn:newsml:reuters.com:*:nASN001J2R
    ** Carlyle will pay EUR 53.50 for each Schaltbau share - 32%
above the closing price of Schaltbau stock on Friday - and has
already secured 69% of the shares, the companies have said
    ** "With Carlyle's additional financial support and global
industry access, we can significantly speed up our growth plans
into 2023," Schaltbau's CEO Juergen Brandes says
    ** The rail industry is seeing broader consolidation with
deals such as the French Alstom's  ALSO.PA  takeover of Canadian
rival Bombardier  BBDb.TO  to assert itself against Chinese
world leader CRRC  601766.SS   urn:newsml:reuters.com:*:nL1N2K411Z

 (Reporting by Zuzanna Szymanska)
 ((zuzanna.szymanska@tr.com))