SKion GmbH, a German limited liability company owned by billionaire Susanne Klatten, announced Tuesday that it lifted its stake in specialty chemicals maker Altana AG (AAAGY.PK) to 88.3%.
Approximately 13.7% Altana shares were tendered in the voluntary public offer, which was completed successfully on December 19. The EUR 13 per share offer for the remaining Altana shares that were not already held by SKion was first announced on November 6 and the tender started on November 21.
At the time of the offer, SKion was holding 70.3 million of the 140.4 million shares of Altana corresponding to 50.1 % of the total share capital. At the time of the offer document was published, the bidder directly was holding 91.9 million Atlanta shares, corresponding to 65.44% of Altana's registered share capital, including 21.5 million shares purchased between November 6 and 17.
On December 1, Altana said its Management Board and Supervisory Board recommended the offer to its shareholders. Dr. Matthias Wolfgruber, Chief Executive Officer of Altana then said, "From our point of view, a stable shareholder structure in the present economic environment is of strategic advantage for the long-term oriented specialty chemicals business of Altana. Therefore, Management and Supervisory Boards regard the prospects connected to an expansion of SKion's shareholding as advantageous."
Wesel, Germany-based Altana develops and produces high-quality innovative products in the specialty chemicals business, and generates 83% of its sales by international activities. The company, with about 4,800 employees, has 32 production facilities and 46 service and research laboratories worldwide. In 2007, Altana achieved sales of about 1.4 billion euros.
SKion said it will decide about a further increase of its Altana-shareholding or possible structural measures. The number of Altana shares trading on the open market has fallen below 10%, which is likely to lead to removal of the Altana shares from the MDAX index, which lists German companies, shortly by Deutsche Börse AG.
Susanne Klatten is the sole shareholder of SKion, and also acts as Vice Chairwoman of the Supervisory Board of Altana. Klatten, the daughter of the late BMW magnate Herbert Quandt, holds a 46% stake in the auto company along with her mother and brother.
AAAGY.PK closed Tuesday's regular trading session at $17.75, up $0.15 or 0.85%.
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