Palfinger submits takeover bid for TTS Group
The takeover bid made by the PALFINGER Group for the Norwegian ship equipment supplier TTS Group ASA, listed on the Oslo Stock Exchange, was approved and published this morning by the Oslo Stock Exchange following a detailed review, PALFINGER said in a press release.
PALFINGER aims to acquire 100% of the TTS shares. Apart from the necessary anti-trust approvals, the offer is also subject to the condition that at least 90 per cent of all the shares in TTS be offered to the PALFINGER Group (with PALFINGER having already secured acceptance of a total of approx. 66.3 per cent). The initial deadline for acceptance of the offer is 12 August 2016. The Board of Directors of TTS recommends that its shareholders accept PALFINGER’s offer.
The TTS Group, headquartered in Bergen, has global operations with a focus on the design, development and supply of equipment solutions and services for the marine and offshore oil and gas industries.
For many years PALFINGER AG has been one of the world’s leading manufacturers of innovative lifting solutions for use on commercial vehicles and in the maritime field. As a multinational group headquartered in Bergheim near Salzburg, the PALFINGER Group, which has approx. 8,995 employees, generated total sales of approx. EUR 1,229.9 million in 2015. The Group has production and assembly facilities in Europe, in North and South America, as well as in Asia. The pillars of corporate strategy comprise innovation and the further internationalization as well as the growing flexibility of products, services and processes. PALFINGER is regarded not only as the market leader, but also the technology leader, in the global market for hydraulic loader cranes. PALFINGER is always in proximity to its customers due to its over 5,000 sales and services centres located in over 130 countries across all continents.