PALFINGER news

PALFINGER formally lodges takeover bid for TTS Group ASA

18.07.2016

This press release does not constitute a public offer within the meaning of the Norwegian Securities Trading Act. The legally binding offer document will be sent directly to the registered shareholders of TTS Group ASA and be disclosed on the website of Norne Securities AS www.norne.no.

 

PALFINGER formally lodges takeover bid for TTS Group ASA

 

• Oslo Stock Exchange approves and publishes offer document
• Approval of 90 per cent of the shareholders required
• Board of Directors of TTS recommends acceptance of the offer
• Initial deadline: 12 August 2016

 

Bergheim, 18 July 2016

 

The takeover bid made by the PALFINGER Group for the Norwegian ship equipment supplier TTS Group ASA, listed on the Oslo Stock Exchange, was approved and published this morning by the Oslo Stock Exchange following a detailed review. PALFINGER aims to acquire 100 per cent of the TTS shares. Apart from the necessary anti-trust approvals, the offer is also subject to the condition that at least 90 per cent of all the shares in TTS be offered to the PALFINGER Group (with PALFINGER having already secured acceptance of a total of approx. 66.3 per cent). The initial deadline for acceptance of the offer is 12 August 2016. The Board of Directors of TTS recommends that its shareholders accept PALFINGER’s offer.

The TTS Group, headquartered in Bergen, has global operations with a focus on the design, development and supply of equipment solutions and services for the marine and offshore oil and gas industries.



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ABOUT PALFINGER AG

The international mechanical engineering firm of PALFINGER is the global leader for innovative crane and lifting solutions. With a workforce of over 11,600, 34 manufacturing sites and a worldwide network of dealerships and maintenance centers at over 5,000 locations, PALFINGER is always close to the customer.

As the leader in its engineering field, the company aims to ensure its partners’ business success in the long term by providing solutions and products that remain economically and ecologically viable in the future. Its broad product and model portfolio allows PALFINGER to take digitalization and the deployment of artificial intelligence to new levels.

As a global company with strong roots in its home region, PALFINGER is convinced that thinking and acting in the interests of sustainability plays a vital role in successful business operations. This is why the company assumes social, ecological and economic responsibility along the entire value chain.

PALFINGER AG has been listed on the Vienna stock exchange since 1999 and in 2020 achieved a revenue of EUR 1.53 billion.

 

For further information please contact:

Hannes Roither | Company Spokesperson | PALFINGER AG
T +43 662 2281-81100 | h.roither@palfinger.com

Texts and accompanying images are available in the “News” section of www.palfinger.ag, www.palfinger.com.