Brief: Tessenderlo Group And Picanol Group To Combine Their Activities

Tessenderlo NV

08/07/2022 07:34

July 8 (Reuters) - Picanol NV  PICB.BR :
    * TESSENDERLO GROUP AND PICANOL GROUP ANNOUNCE THEIR
INTENTION TO
SIMPLIFY GROUP STRUCTURE AND COMBINE THEIR ACTIVITIES
    * BY MAKING A VOLUNTARY PUBLIC EXCHANGE OFFER, REMAINING
PICANOL
GROUP SHAREHOLDERS (FREE FLOAT: 10.66%) WILL ALSO BE OFFERED THE
POSSIBILITY TO BECOME DIRECT SHAREHOLDERS OF TESSENDERLO GROUP
AT THE SAME EXCHANGE RATIO, WHEREBY 1 PICANOL GROUP SHARE CAN BE
EXCHANGED FOR 2.43 TESSENDERLO GROUP SHARES
    * COMBINING INTO ONE INDUSTRIAL GROUP  WITH EVENTUALLY ONE
STOCK
EXCHANGE LISTING AND ONE BOARD OF DIRECTORS
    * NEW GROUP WILL BE ACTIVE IN MORE THAN 100 COUNTRIES
WORLDWIDE
WITH A TURNOVER OF APPROXIMATELY 2.7 BILLION EUR
    * NEW GROUP WILL HAVE AN ADJUSTED EBITDA OF MORE THAN 430
MILLION
EUR (BASED ON THE 2021 FIGURES)
    * THE COMBINED GROUP WILL BE ABLE TO COUNT ON MORE THAN
7,000
DEDICATED EMPLOYEES
    * FOLLOWING THE EXCHANGE OFFER, THE BOARD OF DIRECTORS WILL
PROPOSE A DIVIDEND POLICY TO THE SHAREHOLDERS, TAKING INTO
ACCOUNT THE SUSTAINABLE GROWTH THAT IS BEING PURSUED
    * BOARDS OF DIRECTORS OF BOTH PICANOL GROUP AND TESSENDERLO
GROUP
SUPPORT THE EXCHANGE OFFER
    * EACH BUSINESS UNIT TODAY CONTRIBUTES  SIGNIFICANTLY TO THE
ADJUSTED EBITDA OF THE GROUP AND WILL ALSO BE ABLE TO DEVELOP
FURTHER IN THE  COMING YEARS
    * BOARD OF DIRECTORS OF TESSENDERLO GROUP WILL SUBMIT THE
ISSUANCE
OF NEW SHARES OF TESSENDERLO GROUP IN Q4 2022 FOR APPROVAL AT AN
EXTRAORDINARY GENERAL MEETING OF TESSENDERLO GROUP TO BE
CONVENED
    * LUC TACK, PATRICK STEVERLYNCK COMMITTED TO CONTRIBUTE
THEIR
SHARES IN PICANOL IN KIND INTO TESSENDERLO GROUP AT PROPOSED
EXCHANGE RATIO
    * TESSENDERLO GROUP IS VALUED FOR THE PURPOSES OF THE
EXCHANGE
OFFER AT 1,656 MILLION EUR IN RELATIVE TERMS
    * PICANOL GROUP IS VALUED AT 830.8 MILLION EUR IN RELATIVE
TERMS
    * IT IS INTENTION FOR INTEGRATION TO BECOME EFFECTIVE AS OF
JANUARY 1, 2023
    * IT WILL BE THE INTENTION IN DUE COURSE TO MAINTAIN ONLY
ONE
STOCK EXCHANGE LISTING FOR TESSENDERLO GROUP AND TO DELIST
PICANOL GROUP SHARE

Source text: https://bit.ly/3NVYBqa
Further company coverage:  PICB.BR 

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