Contact
QR code for the current URL

Press release Box-ID: 854826

Manz AG Steigäckerstraße 5 72768 Reutlingen, Germany http://www.manz.com
Contact Mr Claudius Krause +49 611 20585528
Company logo of Manz AG
Manz AG

Manz AG: No Mandatory Offer by anchor shareholder Shanghai Electric

(PresseBox) ( Reutlingen, )
.

• Option to conclude a voting agreement with Dieter Manz not exercised by deadline on May 24, 2017
• CEO Dieter Manz remains primary shareholder of the company

Shanghai Electric Germany Holding GmbH has not exercised the option to conclude a voting agreement with primary shareholder Dieter Manz, CEO and founder of Manz AG, within the deadline period agreed upon in February 2016. The deadline period ended on May 24, 2017. With the voting agreement, the voting rights from the shares held by Dieter Manz would have also been attributed to Shanghai Electric in addition to the shares it acquired from the capital increase in May 2016.

As a consequence, Shanghai Electric will thus not be obliged to provide the company's shareholders with an offer to purchase their shares (mandatory offer). In this case, following the implementation of a mandatory offer, Dieter Manz would have been obligated to sell as many shares to Shanghai Electric as would be required in order for Shanghai Electric to attain a 30.1% participating interest in the company through its subsidiary.

Dieter Manz, who remains the primary shareholder of the company with an ownership share of 24.66%, explains: "With an ownership share of 19.67%, Shanghai Electric is an anchor shareholder and, at the same time, an important strategic partner for the further corporate development of Manz AG. With a free float of over 50%, we remain an attractive investment objective for investors." 

The Shanghai Electric Group became involved with Manz AG as an anchor shareholder during the capital increase completed in May 2016. The goal was a strategic collaboration in automation technology and in the fields of Energy Storage and Solar. In this context, Manz AG, the Shanghai Electric Group and the Shenhua Group, the largest coal mining company in the world, entered into a strategic cooperation for the marketing and further development of Manz CIGS thin-film solar technology in January 2017. In addition to bundling strengths in the fields of energy generation, large-scale plant construction and globally leading, cutting-edge technology and the issuance of major orders with a total volume of 263 million euros to Manz AG, the founding of two joint ventures was a component of the cooperation agreement. Both the cooperatively founded research company and the joint company for marketing CIGS technology in China have meanwhile commenced operation.

Dieter Manz remarks: "Through strategic cooperation with Shanghai Electric, Manz has obtained even better access to the highly attractive Chinese market. At the same time, Shanghai Electric can realize the goal of further development and establishment of CIGS technology in China without additional investment in Manz AG, through participation in the joint ventures.  We have thus created a win-win situation, in the truest sense of the word."
The publisher indicated in each case is solely responsible for the press releases above, the event or job offer displayed, and the image and sound material used (see company info when clicking on image/message title or company info right column). As a rule, the publisher is also the author of the press releases and the attached image, sound and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.
Important note:

Systematic data storage as well as the use of even parts of this database are only permitted with the written consent of unn | UNITED NEWS NETWORK GmbH.

unn | UNITED NEWS NETWORK GmbH 2002–2022, All rights reserved

The publisher indicated in each case is solely responsible for the press releases above, the event or job offer displayed, and the image and sound material used (see company info when clicking on image/message title or company info right column). As a rule, the publisher is also the author of the press releases and the attached image, sound and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.