Ad hoc: Constantia Packaging AG acquires 16.55 % of AMAG's shares from
Constantia Packaging AG (CPAG), Vienna, has been holding 73.45 % of
the shares in Austria Metall AG (AMAG), Ranshofen, since September
2007. As of end of July the Group acquires further 16.55 %, i.e.
132.370 shares of AMAG from the Dutch CPB.V.. AMAG Arbeitnehmer
Privatstiftung continues to hold 10 % of AMAG's shares; thus,
Constantia Packaging AG is holding 90 % of AMAG's shares.
Planned since the acquisition of the majority of shares in 2007, the
acquisition of this share package has now been completed. As an
exceptionally innovative company with a strong growth potential in
attractive premium markets, AMAG perfectly fits into the Group's
portfolio and meets essential investment criteria of Constantia
Packaging AG. The attractiveness of this investment is rounded off by
additional synergy effects in the areas of capacity utilisation,
procurement as well as research and development, among others, which
arise from AMAG's supply relationship with Constantia Flexibles. Even
if those effects are disregarded, from today's point of view, the
increase of capital investment in AMAG represents a consistently
profitable investment that positively contributes toward the
consolidated result, right from the start. This measure increases
transparency and tightens the management structure at the same time.
Since the Group has been AMAG's majority shareholder since 2007, this
is merely an increase of AMAG's shares; hence, there is no need to
conduct any costly reviews prior to the transaction. Likewise, a
review by competition authorities is not required.
The purchase price of EUR 75 million was determined by an auditing
firm, based on the excellent strategic positioning of AMAG and the
current economic environment.
In the meantime, we also reviewed the option of a state guarantee of
the federal state of upper Austria to fund the purchase. During the
pragmatic and highly professional talks held with the financial
department of the province of Upper Austria, we found that, due to EU
requirements, a provincial liability would not have offered an
optimal financing structure. The acquisition is now financed by a
consortium of banks that consists of CPAG's and AMAG's house banks.
The Constantia Packaging Group operates in the "aluminium",
"corrugated board" and "flexible packaging" sectors. Approximately
7,600 employees in 20 European, Asian and American countries produce
raw aluminium, semi-finished aluminium products as well as aluminium,
plastic and corrugated board packaging for the food, drinks,
pharmaceuticals, automotive and aviation industries.
- End of announcement -
Contact and enquiries:
Constantia Packaging AG
Head of Communications
Head of Investor Relations
Hanno M. BÃ¤stlein
Chief Executive Officer
Opernring 17, A-1010 Vienna
Phone: +43 (01) 588 55-0
Fax: +43 (01) 588 55-106
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