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Hess AG: M&A Process well underway
Contact to potential investors will be intensified / Restructuring concept in the implementation
Contact to potential investors will be intensified
Several conversations with interested parties were held over the past few weeks with further discussions yet to follow. A series of renowned investors from the strategic environment as well as from the finance sector have enquired and expressed their interest in Hess in the last few days and weeks. Ebner Stolz Mönning Bachem Unternehmensberatung GmbH, Stuttgart, was mandated by the insolvency administrator, Dr Volker Grub, as support in the context of this selling process and to be in charge of conducting acquisition talks with suitable and potential strategic as well as financial investors. Prof Dr Heiko Aurenz and Michael Euchner are the responsible partner on the part of Ebner Stolz.
"We already now have a multitude of existing interested parties as well as an eye on additional potential buyers", explains Prof Dr Heiko Aurenz, Managing Partner at Ebner Stolz. Temporary insolvency administrator Dr Volker Grub is accordingly optimistic regarding the further development of the conversations. The objective is to sell the company very soon as a whole if possible and thus preserve the strengths that characterize Hess Group.
Every person involved knows that this process needs to be completed as soon as possible to eliminate the currently existing uncertainty. "Our clients and our employees need clarity and security as quickly as possible", emphasizes Managing Director Andreas R. Budde, "we therefore work on this process at high pressure."
Implementation of the restructuring process has started
To bring Hess Group economically back on an even keel, nearly 50 employees were given notice last week in the course of the restructuring concept developed. As the projected growth could not be realized, cost savings are the logic consequence to position the company for the future. "We have checked every cost option", adds Andreas R. Budde. "Unfortunately we were forced to significantly adjust personnel costs." From the perspective of the company this step became necessary and is without any alternative due to the expected severe loss for the current financial year.
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