M & A

R.  Stahl: Face to face with the enemy

Weidmüller, producer of components for electrical connections is attempting to buy over R. Stahl, specialised in protection against explosions for a sum in excess of 300 million Euros. Prime-standard listed Stahl AG, however, opposes the bid which it perceives as hostile. Weidmüller already presented a takeover proposal at the beginning of April, but Stahl’s Board of Directors and major shareholders were unimpressed.

The Stahl and Zaiser families combined possess 51 percent of the shares and so are the company’s majority shareholders. R. Stahl acknowledges having received a number of offers but up to now the family consortium has always been steadfast with the company in rejecting them. Weidmüller had hoped that with this takeover it would create the “perfect combination for continued growth”.

Weidmüller products include plugs, links and boxes for major clients with a turnover in 2013 of some 640 million Euros. R. Stahl, instead supplies electrical control units, lights and apparatus for preventing electrical circuitry from exploding. Its turnover for 2013 was 304 million Euros.

Manz: recharged

In early April, high-tech engineering concern Manz acquired the mechanical division of Kemet Electronics Italy, a subsidiary of the US company Kemet Corporation. This transaction is intended to bolster Manz AG’s battery portfolio by getting access to battery manufacturer Arcotronics that Kemet took over in 2007. The deal provides for the transfer of 83 staff. No price for the asset deal  was mentioned by either side. TecDAX listed Manz will finance the deal with revenue from an increase in capital dated November 2013.

According to the management of Manz the new subsidiary will be fully consolidated by the end of 2014 and contributing to the group with a turnover of some 15 million Euros. This deal gives Manz access to greater know-how in the cutting edge sector of winding technology for the manufacture of lithium ion batteries that are used in electromobility, for stationary energy accumulation and for electronic consumer goods. Indeed Manz perceives the same potential in the latter as there was at one time for the business of displays.

Baywa: apples on the move

Baywa, SDax-listed supplier of products for use in agriculture has acquired New Zealand fruit trader Apollo Apples for approximately 23 million Euros. The transaction was managed Baywa’s New Zealand subsidiary Turners & Growers. Still to come is the Monoplies Commission approval. According to a communiqué, Baywa funded the transaction from its own resources. With its 120 employees, Apollo posted a 2013 turnover of some 32 million Euros.

After the Turners & Growers take-over two years ago, the Apollo transaction is phase two of the international expansion project in New Zealand, one of the largest exporters of fruit in the world. With this acquisition, Baywa is claiming control of 35% of New Zealand apple exports. Major takeovers had a positive effect on both turnover and results during the previous year, with turnover growing by almost 50 percent to just under 16 thousand million Euros and EBIT up more than 18 percent to approximately 222 million Euros.