September 08, 2008

Voestalpine holds 90.24% in Boehler

It is reported that Austrian steel processing company voestalpine AG has now holds 90.24% of the voting rights in Boehler Uddeholm AG and will initiate steps to perform a squeeze out for the remaining shares.

Subject to approval by the supervisory board, voestalpine said it will start the procedure in accordance with the Austrian Minority Shareholders Squeeze Out Act and plans to adopt a resolution to this effect at Boehler's annual meeting on June 23rd 2008.

It said that "No predictions can be made at this time as to the amount of cash settlement payments to be made to minority shareholders; the amount will be set and made public according to the Minority Shareholders Squeeze Out Act.”

Voestalpine launched a surprise bid for Boehler a year ago, foiling the takeover plans of private equity firm CVC Capital Partners Ltd, which had run into fierce political opposition. A merger of voestalpine and Boehler which makes high quality steel used for tools, razor blades and jet engines would create one of Austria's biggest companies, with annual turnover of around EUR 10 billion.