Company announcement no. 2/2009
February 12, 2009
CHEMINOVA ACQUIRES MAJORITY OWNERSHIP OF THE STÄHLER GROUP
Cheminova has a strategic objective of playing an active role in the
consolidation of the crop protection industry.
Early 2008, Cheminova succeeded in acquiring a 50 per cent ownership stake in
the German Stähler group. The transaction resulted in a substantial
strengthening of Cheminova's market access in Europe, thereby paving the way
for the successful future market introduction of a range of new products from
Cheminova's development pipeline.
The 2008 results in Stähler did not live up to expectations, in part due to the
financial crisis. In order to strengthen the financial position and supporting
the future development of the company, the Stähler family has decided to invite
Cheminova to become majority owner in the Stähler group. By obtaining the
majority in Stähler, Cheminova shall be able to better integrate the two
businesses, thereby further strengthening the combined position in the European
markets.
The parties have today entered into an agreement whereby Cheminova's ownership
stake shall be increased to 75 per cent against a EUR 9,1 million
consideration. Furthermore, Cheminova has obtained an option to acquire the
remaining shares in five years at a price based on the future performance of
Stähler.
The current day-to-day management of the Stähler group, including the family
members, shall remain unchanged.
Closing on the deal awaits competition authority approvals. According to
Cheminova's consolidation practice, Stähler will be fully consolidated into
Cheminova's accounts.
AURIGA INDUSTRIES A/S
Ole Steen Andersen
Chairman of the Board of Directors
Kurt Pedersen Kaalund
President & CEO
INVESTOR CONTACT:
Kurt Pedersen Kaalund, President & CEO
Jens Ole Jensen, Vice President
Tel. +45 7010 7030
