M & A

DBAG: Christmas shopping

SDax-listed Deutsche Beteiligungs AG (DBAG) bought over machine tool construction company Pfaudler Process Solutions Group from the US concern National Oilwell Varco (NOV) at the end of 2014. The financial details of the transaction have not been made public but for its part DBAG announced that it intends to invest up to eight million equity from its balance sheet alongside the DBAG Fund IV that they themselves recommended for the takeover. Pfaudler, manufacturer of enameled vessels and parts for the chemical and pharmaceutical industries, is DBAG’s second purchase in the space of a short few weeks. The acquisition of foil manufacturer Huhtamaki film in November 2014 cost a total of 141 million Euros according to DBAG – 12.5 million of which came from the company’s balance sheet.

PNE wind: exposure to takeover

Wind park planner PNE AG is facing unforeseen depreciation regarding a company it acquired. For 2014, management is expecting a weighting of the consolidated EBIT and its fall to a low to mid single-digit million figure. The Prime-Standard society feels cheated by the 2013 M & A deal and is claiming damages of more than six million Euros from the seller of WKN AG. Now, it remains to be seen whether certain WKN wind projects at that time were overvalued. However, former WKN major shareholder and architect of the takeover, Volker Friedrichsen sits on the PNE Supervisory Board and so far at least seems to have made no move to resign his mandate.

Despite this, PNE is expecting to post a cumulative consolidated EBIT of some 110 – 130 million Euros for financial years 2014 to 2016.

R. STAHL: new investor

The specialist in explosion protection, R. Stahl AG has gained a new anchor shareholder in RAG-Stiftung. The RAG Foundation acquired 644,000 shares in a placement and now holds a 10 percent stake in the Prime Standard- listed company. The approval of the Federal Anti-trust Authority to the transaction is still pending. This placement swells R. Stahl’s coffers by over 10 million Euros which the company has earmarked for funding further growth initiatives.