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Picanol acquires stake in Tessenderlo Chemie
26
Jul '13
SNPE SA and Picanol Group have signed on 25 July 2013 a binding agreement for the sale by SNPE SA to the Picanol Group of a stake held by SNPE SA in Tessenderlo Chemie NV, representing 27.6% of the share capital of Tessenderlo Chemie NV for a price per share of EUR 22.

SNPE SA, for 99.9% owned by the French state, has 27.6% or the equivalent of 8,744,069 shares of Tessenderlo Chemie NV. Tessenderlo Chemie NV is a worldwide specialty company, focused on food, agriculture, water management and on valorising bio-residuals.  The Tessenderlo group employs about 7,000 people and is a leader in most of its markets, with a consolidated revenue of 2.1 billion EUR in 2012. Tessenderlo Chemie NV is listed on NYSE Eurolist by Euronext Brussels (TESB) and is part of Next 150 and BEL Mid indices.

This transaction is subject to regulatory approval, more in particular competition clearance. The transaction is expected to close at the latest on 8 November 2013.  Following the closing of this transaction, SNPE SA will no longer own any share in Tessenderlo Chemie NV. 

With the participation in Tessenderlo Chemie NV, the Picanol Group wants to increase the diversity and geographical spread of its activities, in order to better protect itself against the cyclical weaving machine business in which it operates today.  Another objective of the participation is to secure a stable shareholding for Tessenderlo Chemie NV and to promote the development of the strategies used by Tessenderlo Chemie NV.  With the participation, the Picanol Group is also ensuring the sustainable anchoring of an industrial group in Flanders and Belgium.

In the coming years, the Picanol Group will continue to focus on its strategy of further developing the Weaving Machines and Industries divisions. R&D and product innovation will continue to play a central role in the further development of the high-tech activities of the group.

Picanol

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L-R Manish Singhai, COO, Peter England; Vinai Kumar Saxena, chairman, KVIC; Ashish Dikshit, business head, ABFRL and Anshu Sinha, CEO, KVIC while signing agreement. Courtesy: ABFRL

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