Filter content by area of interest
Ports & Terminals
Port AuthoritiesContainerBulkBreakbulk/General CargoRo-Ro/AutomotiveGTOs
Cargo Handling Equipment
STS CranesYard CranesMobile CHERo-Ro EquipmentBreakbulk EquipmentLow ThroughputBulk Handling Equipment
Shipping & Logistics
Container ShippingBreakbulk/General CargoRo-Ro ShippingDry Bulk ShippingLiquid cargoesLogistics
ICT
TOSPlanning & Optimisation TechnologyWiFiMobile ComputingPort Community SystemsAsset Tracking & Monitoring
Automation
Automated EquipmentGate AutomationRemote ControlProcess Automation
Multimodal
RailInland WaterwaysShortsea ShippingRoadAir-Cargo
Container Industry
Container manufactureContainer leasingRepair/StorageTradingConversion/Innovation
Refrigeration
Operations/TransportContainer leasingEquipmentM&R/Storage
Breakbulk
General cargoProject Cargo/Heavy LiftForest productsRo-Ro/AutomotiveAgribulks
Safety & Security
InsuranceHazardous cargoLashings/SecuringLegal/Regulatory
Civil Engineering
Port & terminal construction/designCivil & Consulting EngineersDredging & ReclamationMooring & FenderingLightingPaving & Surfacing
Environment
Business
InsuranceLegal/RegulatoryAppointments/PeopleMergers/Acquisitions/RestructuringFinance/Financial ResultsTrade & Professional AssociationsBusiness/Commerce Miscellaneous
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing 1 of your 1 guest articles


register  or  login  for full access to online news

VTG applies for deslisting

Warwick Holding GmbH (Morgan Stanley) will offer €53 in cash to minority shareholders to acquire full ownership of Europe’s leading provider of logistic services to the chemicals industry

Linked InTwitterFacebookeCard
VTG applies for deslisting

VTG’s shares closed at €49.5 on Friday and traded at €53 in early Frankfurt trade this morning. The offer price is the same as the one the VTG Board turned down last September.

 

VTG Tanktainer has a fleet of more than 8,000 tank containers. Following its takeover of Nacco in 2017, VTG’s railcar leasing fleet in Europe is around 94,000 units.

 

Warwick Holding already owns 71% of the shares.

 

Last October, the European Commission gave its approval to the acquisition of VTG Aktiengesellschaft by Warwick Holding GmbH.

 

In a statement issued from Hamburg yesterday, VTG stated: The executive board of VTG Aktiengesellschaft with the approval of the supervisory board has resolved to submit an application to withdraw the admission of VTG’s shares for trading in the regulated market of the Frankfurt Stock Exchange (delisting).

 

Warwick Holding GmbH, being the major shareholder of VTG with around 71% of shares, will make a public tender offer of €53 to the shareholders. Warwick Holding GmbH has also assured support for the rights offering in the amount of €290M in Q2 2019 to partly refinance the hybrid bond.

 

"In this context, Warwick Holding GmbH has announced to fully exercise its subscription rights during the rights offering and to acquire all shares it is entitled to at the – still to be set – subscription price. In addition, Warwick will acquire all shares not subscribed in the rights offering.

 

"The major shareholder had previously stated that it would only be able to support a rights offering in the context of a delisting. Furthermore, since the closing of the voluntary public tender offer of Warwick Holding GmbH on December 19, 2018, the public equity capital market is a less viable option for financing VTG.

 

"The free float of VTG’s shares has been reduced to below 14%, and the average daily trading volume has decreased significantly as compared with the last six months prior to the closing.

"Furthermore, Warwick Holding GmbH assures the support for the course set by VTG and, to the extent legally possible, works towards keeping an independent chairman and at least two additional independent board members on its supervisory board until the conclusion of the shareholders’ meeting in 2022.

 

" It has also been agreed that no domination and/or profit and loss transfer agreement shall be concluded until the conclusion of the shareholders’ meeting in 2022. Equally, VTG’s legal form shall not be changed until the conclusion of the shareholders’ meeting in 2021.

“By partly refinancing the hybrid bonds through a rights offering, VTG’s financing structure will be permanently solidly secured, as it was always intended. We will only receive the full support of our major shareholder in case of a delisting and therefore, this step is necessary for us.”

 

Dr. Heiko Fischer, chairman of the executive board of VTG, explains and adds: “The commitment of Warwick Holding GmbH to keep Hamburg as the statutory and administrative seat of VTG at least until June 2029 gives us planning security for the future.”

Following the delisting, the shares of VTG Aktiengesellschaft will no longer be admitted for trading on any stock market.

Linked InTwitterFacebookeCard

You may also be interested in...

JV boost for Shanghai

Sibre/EMG for ADT

VTG introduces rCE Powerpack

China and Nepal agree transit trade deal

Chinese operators march offshore

Primorsk development plan

Related Stories

Nairobi backs down on SGR decree

The government of Kenya has backtracked on a recent decree that all cargo import...

People on the move – Nils Kahn to head MSC Germany

Women are appointed for the first time to top roles in Everett and Bremen Ports;...

Blyth receives world's longest wind power blade

The world’s longest offshore wind turbine blade has arrived at the Port of Blyth...

Scandlines to install a Norsepower rotor

Scandlines has signed an agreement with Finland’s Norsepower Oy to install a win...
Linked In
Twitter