July 16, 2013 – There are no more barriers now to the acquisition of a majority shareholding in the Schuler Group by the Austrian Andritz Group. After the anti-trust authorities of Brazil, the European Union, Turkey and the United States of America already issued their approval last year, the anti-trust authorities of the People’s Republic of China have now also given the go-ahead. The takeover can therefore be completed. Following this transaction, Andritz holds over 90 percent of the capital stock of Schuler AG.
“We regard the takeover by Andritz as positive move. As a manufacturer of plant and machinery itself, Andritz understands the nature of our business,” states Stefan Klebert, CEO of Schuler AG. “Schuler is a highly successful company and Andritz is targeting long-term growth with Schuler. The majority acquisition by Andritz is confirmation of our business strategy,” adds Klebert.
In late May 2012, Schuler-Beteiligungen GmbH (controlled by the founding family Schuler-Voith) sold its share package – totaling 38.5% of Schuler shares – to Andritz. The Graz-based technology group subsequently made an unsolicited public takeover to the remaining shareholders. Both transactions were subject to the condition precedent of an approval from the anti-trust authorities. Andritz previously held almost 25 percent of the shares in the Schuler AG.
To learn more about the company visit the Schuler Group website.
Andritz is a little bit younger than Schuler. It was founded in 1852. If you want to know more about Andritz, click here.