How much the Chinese will invest initially remained open. Among other things, it is not clear how many existing shareholders waived in the planned capital increase on its purchase option and the shares could then buy a subsidiary of Shanghai Electric, said a company spokesman. A takeover of Swabia by the Chinese was not planned.
Manz provides equipment for the solar and battery industry here, to displays for tablet PCs, smartphones and notebooks. Manz also supplies the iPhone maker Apple, as with machines for processing mobile phone displays or for the laser technology. Above all, the future of the solar division at Manz was uncertain least in view of the industry crisis.
Manz plans to cut any further jobs
The company was in the first nine months 2015 deeper into the red slipped. The company had announced the end of an austerity program, 174 of last well over 2000 sites should be deleted. Further job cuts is not currently provided. In the future, Manz wants to focus on energy storage technologies and equipment for the production of display glass for about mobile phones and tablets, it said.
A year-end will Manz published on 30 March. From January to the end of September 2015 loss of 33.8 million euros to 0.8m was a year earlier in the books. Revenue slumped compared to the same period last year by almost a third from 169 million euros. The Board expects to information from November 2015 a high loss. Sales are expected to be only up to 210 million euros, were originally up to EUR 340 million target.
The Chinese investors could in future hold up to 29.9 percent of the shares
Manz is now planning a capital increase initially, so the issue of new shares. The share capital is to be increased by around 43 percent. The major shareholders, CEO Dieter Manz and his wife Ulrike keep previously 35.2 and 3.8 percent of the mechanical engineers. You want, according to the speaker acquire any new shares that they are entitled to securities to buy Shanghai Electric. Like many of the other additionally placed on the market shares also go to the Chinese, is still unclear. Maximum Chinese Group will hold after the capital increase 29.9 percent to Manz.
The couple Manz will remain significant shareholders in the company. Dieter Manz is to remain CEO for another five years. The remaining shares are to display the speaker in free float.
Shanghai Electric reserves reportedly plan to take over the voting rights of Dieter Manz, as part of a so-called voting agreement. Then Shanghai Electric would be obliged to make an offer to purchase their shares the Manz shareholders
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