![]() ![]() The average purchase price of the shares has been less than €15 that is why I offered €27.50. I have a responsibility for my customers, employees, and long-term shareholders typical German people, who have been shareholders in Gildemeister over the last 20 years. "I have no responsibility to shareholders. Mori said that the offer price was chosen to be fair to company stakeholders, not day traders. ![]() ![]() Dr Masahiko Mori, CEO of DMG Mori Seiki Co, said: "I don't want to borrow from the bank, but I have to I want to minimise the money for the sustainability of the two groups coming together." ![]() It was changed to take advantage of favourable low interest rates, as finance is required to support the share purchase. So the only real surprise has been the timing the merger had been scheduled to occur by 2020. The pair also considered the German company taking over the Japanese one, but rejected it because it owns so little of the Japanese company – 9.6% - and because of German banking regulations, which were found to be less friendly than those in Japan. They considered establishing a new joint company and moving both operations into it, but several million Euros in transaction costs and the different shareholder laws in Germany and Japan created huge uncertainties that threatened the viability of the action. He said that the companies have been seeking a way to merge for several years, following their cooperation that started in 2009, and considered several other methods before choosing this one. Why? We're going to reach so many different topics CELOS, joint IT, and we're now really digging into things we have to somehow hedge our efforts, because once our IT systems are together you can't separate them anymore." Kapitza explained the rationale behind the move to bring the two companies even closer together. Starting in mid-February, DMG Mori Seiki Co (the Japanese company) will offer €27.50 per public share, with an intention to acquire 50% of company shares, up from the 26.5% it currently holds. "That is record order intake, record turnover, record results," he said, adding: "This is the best result in our 143-year history, and I am really very proud of that." He said that more information would be released in the financial press conference in March.īy that point, the combined centre of gravity of the whole group may have shifted to Japan. Dr Ruediger Kapitza, CEO of DMG Mori Seiki AG, also announced that the German company had hit its targets for 2014 calendar year announced in October (€2.3 billion, sales of about €2.2 billion and EBIT profit of €175 million). ![]()
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