CORPORATE NEWS:
MAN to sell shareholding in SMS
MAN AG and the Weiss family have reached agreement that the joint shareholding in SMS AG, Germany, and its affiliated companies, which dates from 1973, is to be transferred in two stages to the sole ownership of the Weiss family. SMS is to be changed from a public (Aktiengesellschaft) into a private limited company (GmbH). Immediately following this, MAN transferred 50% of its equity interest to a holding company belonging to the Weiss family, a move that had economic effect as of 1 October 2003. A mutual call and put option has been granted for the second half of the equity interest (25.5%), and it was agreed that no details of the purchase price would be disclosed. The transaction is subject to approval by MAN AG’s supervisory board. Also effective as of 1 October 2003, the SMS Group left the MAN Group, and in future will be consolidated as a member of the Siemag Weiss Group only.
Company: |
SMS Demag AG |
Country: |
Germany |
Fax: |
+49 211 881 4902 |
Email: |
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Website: |