Marel completes Stork acquisition
Marel Food Systems has announced that the company has completed its purchase of the Stork Food Systems division of Stork N.V. for approx. US$664 mln (€415 mln).
On 28 November, Marel Food Systems announced that the company had entered into an agreement to acquire the Stork Food Systems division of Stork N.V. The acquisition was subject to: a takeover offer by London Acquisition N.V. for all shares in Stork N.V. being declared unconditional; the opinion of the Stork Work Council; and, the approval of European competition authorities.
The company has stated that the European competition authorities have now approved without reservation the acquisition of Stork Food Systems by Marel Food Systems. The takeover offer by London Acquisition N.V. for all shares in Stork N.V. was declared unconditional on 17 January 2008. The Stork Works Council has also delivered a positive opinion on the acquisition. As a result, all the conditions in the agreement between Marel Food Systems and Stork N.V. have been satisfied.
Marel Food Systems has financed the entire purchase price with loan financing and the issue of new share capital, underwritten by Landsbanki Ãslands, with the support of the company’s largest shareholders. A new offering of shares in Marel Food Systems to pre-emptive right holders is scheduled for Q2 2008.
United, the two companies will be a forerunner in the development of equipment for the food processing industry, according to Marel Food Systems. Their combined turnover is €660 mln.
Related links:Stork N.V.