Bosch To Take Over Buderus AG
At press time, the offering period was extended to July 4. The offer price of $34.48 (USD) per share exceeds the Buderus weighted average domestic stock exchange price of $29.50.
Bosch currently holds a 17.4 percent stake in Buderus, and will secure a further 30.02 percent giving it a majority of share capital.
Reasons for the takeover include a slow market growth in Europe compounded by an intense merger and consolidation phase in the overseas heating industry.
Also, Bosch’s and Buderus’ existing products and distribution channels complement one another. Buderus would swiftly gain access to Bosch’s existing North American market opportunities and distribution network.
Bosch’s 2002 sales were $1.08 billion, of which 80 percent were generated outside Germany. Buderus recorded sales of about $2.2 billion last year, with heating technology producing 65 percent of total sales.