Acquisitive Palfinger bidding for TTS GroupNews // June 20, 2016
Palfinger AG, which is listed on the Vienna Stock Exchange and headquartered in Bergheim/Salzburg, which has made a number of acquisitions in the marine/offshore sector recently, says it is bidding to acquire Norway's TTS Gtoup. The bid would be made via its subsidiary Palfinger Marine.
“Together with the acquisition of Harding, this acquisition would place Palfinger Marine among the global top three ship equipment suppliers," said Herbert Ortner, CEO of Palfinger AG. "In the future, we want to be a one-stop shop, offering competitive products and services.
"With a staff of approximately 3,000 employees in 22 countries and revenue of more than Euros 600 million, Palfinger Marine would contribute around one-third to the revenue of the Palfinger Group from 2017 onwards."
Subject to a positive outcome of the due diligence audit and official approvals, the acquisition is expected to be finalized in the fourth quarter this year, and in January 2017 at the latest.
The offer, which will be made in accordance with the Norwegian Stock Exchange Act, also has the support of approximately 67 per cent of the shareholders, among them TTS’s largest shareholder group, the Skeie family, which holds approximately 32 per cent of the shares.