On 11 October Reuters reported that a Chinese-led consortium has made an offer to buy KHD Humboldt Wedag.
The offer comes from AVIC International, a state-owned aerospace and defence company that already owns 20% of KHD through its subsidiary Max Glory Industries. Together with Singapore-based Yap Lian Seng, a takeover lawyer, AVIC said it would bid €6.45 a share, putting the value of the company at around €320 million (US$433 million).
KHD responded to the report via a statement on its website that concluded “Once it has been received the Management and Supervisory Boards of KHD Humboldt Wedag International AG will evaluate the offer and will publish their opinion in accordance with sec. 27 of the Securities Acquisition and Takeover Act in due time.”
KHD reported earnings of €6.4 million before interest and tax in 2012 and revenues of €213 million. If this acquisition goes ahead it will be the latest in a series of Chinese companies taking on German groups, including Sinoma’s acquisition of Hazemag last month.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/europe-cis/14102013/avic_to_make_bid_for_khd_takeover_287/