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Tessenderlo & Picanol to merge industrial activities
17
Dec '15
Tessenderlo Group and Picanol Group will combine industrial activities of both companies into one larger industrial group which will be named Picanol Tessenderlo Group NV.

As per a Picanol press release, the deal involves the transfer of the current industrial activities of Picanol into Tessenderlo.

At an extraordinary general meeting, the Tessenderlo board will call on shareholders to issue 25,765,286 new Tessenderlo shares at €31.5, to compensate for the planned transaction to Picanol NV, based on a valuation of the Picanol activities at €811.6 million.

Picanol Tessenderlo Group (Euronext: TESB) will consist of four segments; Agro, Bio-valorisation and Industrial Solutions from Tessenderlo and Machines & Technologies segment at Picanol.

Picanol Tessenderlo Group will operate in more than 100 countries worldwide and will have a turnover of approximately €2 billion and a REBITDA of more than €200 million.

“It is the ambition of Picanol Tessenderlo Group to strengthen its prominent market position in each of the segments and to ensure a sustainable profitability,” the press release informed.

The new diversified Picanol Tessenderlo Group will have more than 7,000 employees and the proposed transaction will not impact their current employment.

The agreement will allow for the sharing of the expertise of both companies, for establishing a common sourcing policy and for the enhanced support of the R&D and innovation culture.

“Combining the respective cash flows of the two firms will not only benefit the financial independence of the company, but will also permit continued investments in talent, growth and innovation,” Picanol observed.

“This will also provide the opportunity to propose a dividend policy to the shareholders, taking into account the sustainable growth that is pursued,” the Belgium based company stated.

The boards of directors of Tessenderlo Group and Picanol Group believe that the planned transaction is in the interest of both companies and they unanimously support the deal. (AR)

Fibre2Fashion News Desk – India

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