Request for squeeze out from ANDRITZ Beteiligungsgesellschaft IV GmbH to Schuler Aktiengesellschaft
ANDRITZ AG intends to take over all shares of Schuler Aktiengesellschaft and, for this purpose, to implement a process at Schuler Aktiengesellschaft for transfer of the shares of minority shareholders (so-called squeeze out pursuant to the German Stock Corporation Act).
Today, the Executive Board of ANDRITZ AG, with the approval of the ANDRITZ AG Supervisory Board, resolved to instruct the management of ANDRITZ Beteiligungsgesellschaft IV GmbH (“ANDRITZ BTG IV”) to issue a request pursuant to the first sentence of Section 327a(1) of the German Stock Corporation Act (AktG) to the Executive Board of Schuler Aktiengesellschaft. Consequently, the management of ANDRITZ BTG IV has submitted a formal request to the Executive Board of Schuler Aktiengesellschaft to initiate the procedure for a squeeze out according to the German Stock Corporation Act.
ANDRITZ BTG IV, a wholly-owned subsidiary of ANDRITZ AG, currently holds 96.62% of the share capital of Schuler Aktiengesellschaft and is thus the main shareholder as defined in the first sentence of Section 327a(1) of AktG. The amount of the appropriate cash compensation to be provided by ANDRITZ BTG IV as main shareholder to the minority shareholders of Schuler Aktiengesellschaft for transfer of the shares has not yet been decided.
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International technology group ANDRITZ offers a broad portfolio of innovative plants, equipment, systems and services for the pulp and paper industry, the hydropower sector, the metals processing and forming industry, solid/liquid separation in the municipal and industrial sectors, as well as animal feed and biomass pelleting. The global product and service portfolio is rounded off with plants for power generation, recycling, the production of nonwovens and panelboard, as well as automation and digital solutions offered under the brand name of Metris. The publicly listed group today has around 29,500 employees and more than 280 locations in over 40 countries.