95% of Jenbacher's Shareholders Accept GE's Tender Offer.Business Editors VIENNA Vienna, city and province, Austria Vienna (vēĕn`ə), Ger. Wien, city and province (1991 pop. 1,539,848), 160 sq mi (414 sq km), capital and largest city of Austria and administrative seat of Lower Austria, NE Austria, on , Austria--(BUSINESS WIRE)--April 28, 2003 GE Power Systems reported today that its offer to purchase Jenbacher AG, a leading manufacturer of reciprocating engines for power generation, has been accepted. Over 95 % of Jenbacher's outstanding shares - thus much more than the required 90 % - were tendered by April 25, 2003, the end of the offer period, paving the way for GE to complete the acquisition of Jenbacher AG. "When GE launched the offer for Jenbacher shares in February February: see month. , there were three conditions for a successful transaction: approval by regulators, no adverse change in Jenbacher's financial condition, and at least 90 % of the shares tendered", said Rick Stewart Stewart, river, Canada Stewart, river, 331 mi (533 km) long, rising in the Mackenzie Mts., central Yukon Territory, Canada, and flowing generally W to the Yukon River S of Dawson. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GE Aero Energy Products, the GE Power Systems business unit that Jenbacher will join. He continued: "With the greater than 90 % acceptance, all of the offer conditions have now been satisfied and we are delighted that our offer has been accepted so strikingly. Despite the global economic uncertainty, we are convinced of the partnership between GE and Jenbacher, and we plan to make Jenbacher GE's global center of excellence for gas engine products. Combining GE's sourcing network, sales and service channels with Jenbacher's existing operations will enable more rapid product development and sales growth, to the benefit of Jenbacher's employees." "The fit between GE Power Systems and Jenbacher will allow us to better serve the distributed power needs of our global customers", added John G. Rice, President and CEO of GE Power Systems. "By merging Jenbacher's excellent technology and engineering resources with the global capabilities of GE Power Systems, we will create an even broader portfolio of products and services we can offer for a wide range of clean energy and industrial applications worldwide." Earlier this month, GE improved its offer to purchase all of the widely held shares of Jenbacher to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 18.10 per share. All of the widely held shares, including those tendered prior to the price improvement, will receive the EUR 18.10 per share price. Those shareholders that have not yet tendered their shares, can tender their shares within 10 trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. from announcement of the results, thus by May 14, 2003; they will also be paid the price of EUR 18.10 per share. About Jenbacher Tracing its roots to the 15th century, Jenbacher (www.jenbacher.com) started manufacturing reciprocating engines in 1948. Today, the company is a leading manufacturer of gas-fueled reciprocating engines and packaged generator generator, in electricity, machine used to change mechanical energy into electrical energy. It operates on the principle of electromagnetic induction, discovered (1831) by Michael Faraday. sets, with outputs up to three megawatts. The use of clean natural gas in combination with patented combustion combustion, rapid chemical reaction of two or more substances with a characteristic liberation of heat and light; it is commonly called burning. The burning of a fuel (e.g., wood, coal, oil, or natural gas) in air is a familiar example of combustion. systems enables Jenbacher's generation packages to meet strictest international emission standards Emission standards are requirements that set specific limits to the amount of pollutants that can be released into the environment. Many emission standards focus on regulating pollutants released by automobiles (motor cars) and other powered vehicles but they can also regulate , while offering high levels of efficiency. About GE Power Systems GE Power Systems (www.gepower.com) is part of General Electric and one of the world's leading suppliers of power generation technology, energy services and management systems, with 2002 revenues of nearly $23 billion. Based in Atlanta, GA, GE Power Systems provides equipment, service and management solutions across the power generation, oil and gas, distributed power and energy rental industries. |
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