Economy - Südzucker wants to acquire Cropenergies completely
The food group Südzucker wants to take over its faltering subsidiary Cropenergies completely and then delist it from the stock exchange. On Tuesday evening, the company announced a delisting tender offer for all shares not yet owned by Südzucker. The offer price is expected to be EUR 11.50 in cash per share. On Tuesday, the shares closed at EUR 6.81.
As a result of the acquisition of 4.87 percent of Cropenergies from Süddeutsche Zuckerrübenverwertungs-Genossenschaft on Tuesday, Südzucker now holds 74.06 percent of the shares. The executive and supervisory boards of both companies support the move. While the parent company had recently expressed optimism about its business prospects, the subsidiary attracted negative attention with lowered forecasts.
Cropenergies went public in September 2006. The company claims to be the leading European producer of sustainably produced, renewable ethanol.
Announcement delisting tender offer of Südzucker AG
Read also:
- A clan member is punished here
- Traffic lawyer warns: Don't talk to the police!
- Will he be convicted as Jutta's murderer after 37 years?
- He also wanted to kill his cousin
- The agrarian region of Baden-Württemberg, where Südzucker is based in Mannheim, Germany, will likely see changes in its renewable energy sector with the potential complete takeover of Cropenergies by Südzucker.
- Despite being a leading producer of sustainably produced southern sugar in Europe, Cropenergies has been facing financial challenges, with lowered forecasts and negative attention, which might be alleviated through the acquisition by its parent company.
- Energy-conscious consumers in southern Germany may be impacted by the development as Cropenergies, one of the largest producers of renewable ethanol, could potentially shift its focus under the guidance of its major shareholder, Südzucker.
Source: www.stern.de
