Net Mobile to squeeze out Bankverein Werther minorities.
20 July 2012 a[euro]" German mobile and interactive value-added services provider Net Mobile AG (ETR:N1M) said today it had submitted a request to squeeze out the minority shares it does not already own in local lender Bankverein Werther AG (ETR:BVW).
In mid-November 2011, Net Mobile closed a transaction that provided it with a 92.6% shareholding in the Werther-based retail and commercial bank. Today, the company said it holds a 95.16% stake in it and has informed the lendera[euro](tm)s management of its intention to buy out the rest of the shares for an a[euro]oeappropriate cash compensationa[euro].
Net Mobile noted it will determine the exact amount of the payable cash sum in due course. The company did not provide any additional details regarding the move.
On completion of Bankverein Werthera[euro](tm)s takeover in 2011, Net Mobilea[euro](tm)s chief executive Theodor Niehues said the transaction provided the company with an a[euro]oeuniquea[euro] position in the mobile payment sphere. Furthermore, the acquisition was expected to enhance the firma[euro](tm)s payment and interactive segment, while bringing in additional growth opportunities.
The buyer was set up in 2000 and currently has several units in Germany as well as subsidiaries in Switzerland, the UK and Spain. The group is majority held by Japana[euro](tm)s NTT DoCoMo Inc (TYO:9437) since December 2009.Country: GermanySector: Banking/Financial Services, IT/Online ServicesTarget: Bankverein Werther AGBuyer: Net Mobile AGVendor: Minority shareholdersType: Corporate acquisitionStatus: Bidding
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|Publication:||M & A Navigator|
|Date:||Jul 20, 2012|
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