AVIC completes takeover offer for KHD

AVIC completes takeover offer for KHD

AVIC International Beijing Company announced on Friday the successful completion of a voluntary public takeover offer for shares in German equipment supplier KHD Humboldt Wedag.

The takeover offer was conducted jointly by an indirectly wholly-owned subsidiary of AVIC International Beijing Company Ltd and three other bidders. 

AVIC International Beijing said it bought a 40.465 per cent stake in KHD via a voluntary public takeover offer and acquired an additional 19.03 per cent from individual share purchase agreements. It paid EUR190.72m for the two stakes.

AVIC already owned 20 per cent of KHD through its subsidiary Max Glory, bringing its total stake to 79 per cent. An additional acceptance period for outstanding shares ends 13 January 2014.

The Turkish Competition Board approved the transaction on 26 December 2013. Settlement of the offer is scheduled to be executed on January 7, 2014, closing of the share purchase agreements will happen in due course, AVIC said in a statement.

"Our commitment is long-term. We will not only maintain KHD's business activity - our clear target is to extend the business operations and to continue the growth strategy," said Diao Weicheng, president of AVIC International Beijing.