AKWEL: INFORMATION ON THE BUYOUT OFFER ON NOVARES GROUP
Friday, 22 May 2020, 5:45pm
INFORMATION ON THE BUYOUT OFFER ON NOVARES GROUP BY AKWEL
Despite the most in-depth analysis possible of NOVARES’ situation, due to the timeframes set by the collective proceedings and following productive exchanges with the key stakeholders (banks, clients, shareholders, etc.), AKWEL has informed the judicial administrators FHB that it is not currently in a position to satisfy the conditions precedent relating to its offer.
AKWEL also indicated that it would not be possible in just four weeks to obtain the prior authorisations required from the competition authorities in terms of merger control to be able to continue with the acquisition process.
However, the AKWEL Group remains in talks with all the stakeholders with a view to looking into this opportunity for a business combination over the short or medium term.
| An independent family group listed on the Euronext Paris Stock Exchange, Akwel is an automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, offering first-rate industrial and technological expertise in applying and processing materials (plastics, rubber, metal) and mechatronic integration. Operating in 20 countries across five continents, Akwel employs almost 12,000 people worldwide. Euronext Paris – B Compartment – ISIN : FR0000053027 – Reuters : AKW.PA – Bloomberg : AKW:FP |
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