German ZF Friedrichshafen to buy Belgian Hansen Transmissions.
The German company offered GPB 0.66 (USD 1.07/EUR 0.75) per share in Hansen Transmissions, a premium of more than 95% to the closing price on Friday. The bid values the Belgian company at some GBP 444.8 million.
The offer was unanimously recommended by Hansen's shareholders, according to ZF Friedrichshafen. In addition, the German company agreed to buy shares from Hansen's two largest shareholders, Suzlon Energy and Ecofin, which hold some 38.4% in Hansen. If the bid succeeds, Hansen's listing on the London stock exchange would be terminated.
The transaction is in line with ZF Friedrichshafen's plans to expand on the wind turbine gearbox market.
Hansen Transmissions has production facilities in Lommel, northern Belgium, and in India and China. It employs some 700-800 people in Belgium.
(GBP 1 = USD 1.627/EUR 1.132)
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|Publication:||ADP News Belgium|
|Date:||Jul 25, 2011|
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