Schuler and Mller Weingarten to merge
Schuler AG has announced that it is taking over Mller Weingarten AG and merging the two firms. Mller Weingarten management will play a supportive and constructive role in this process.
In the first step towards the merger, under a contract dated March 27, 2007, Schuler acquired 64.49 percent of the share capital of Mller Weingarten AG from Metzler Beteiligungsgesellschaft mbH in Frankfurt. The acquisition is expected to be completed by the end of the year. Schuler AG will now submit a mandatory offer to the shareholders of Mller Weingarten AG for the acquisition of their shares at the minimum price prescribed by law.
The new company shall operate under the name Schuler Weingarten AG and have its headquarters in Gppingen, Germany. It will be represented in more than 20 countries, generate turnover in excess of EUR 900 million, and have global market coverage in terms of distribution, production, and service, the company said.
The permissibility of the transaction under merger control law has been affirmed.