(Ad-hoc) Dürr decides to squeeze out Schenck minority
02/19/2004 - Dürr AG - WKN 556520 / ISIN DE0005565204
At today's meeting, Dürr AG's Supervisory Board approved the initiation of a process that will force the minority shareholders of Carl Schenck AG to sell their shares to the majority shareholder for cash. Dürr AG currently holds 98.7% of the shares of Carl Schenck AG.
The "squeeze-out" (provided for by German corporate law) will make the organization and management of the Dürr Group more consistent. It can reduce the cost of group structures and double reporting. It will also eliminate the costs at Carl Schenck AG of fulfilling disclosure requirements, listing, and expensive annual meetings.
The Dürr Technology Group is one of the world's leading suppliers of production systems and manufacturing support services for automobile manufacturers and suppliers. With a workforce of about 13,000 employees, Dürr achieved sales of almost Ä 2.1 billion in 2002. Its business figures for 2003 will be released on April 29th.
Dürr AG
The executive board
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