Switzerland-based engineering specialist Sulzer is pleased to announce the signing of a binding agreement with Renova Group, which will see Renova transfer ownership of five million Sulzer shares to the company.
After completion, Renova will be a 48.83% shareholder of Sulzer.
All Renova representative Board members abstained from the decision on this related party transaction.
The share transfer is planned to occur in the course of this week and aims to minimise disruption to Sulzer’s business operations.
Sulzer will purchase the shares at the volume-weighted average share price of the Sulzer shares as quoted on the SIX Swiss Exchange for the period from 9 April 2018 to (and including) 13 April 2018.
The purchase price agreed with Renova will be reduced correspondingly if Sulzer, at a later date, sells all or part of the shares from the transaction at a lower price.
Cash proceeds relating to the purchase of shares will be transmitted to the seller only when Sulzer has obtained legal confirmation that such transmission does not expose Sulzer to the risk of primary or secondary sanctions.
Sulzer is in close contact with authorities and believes that this transaction will assuage any concern as to the independence of Sulzer from the Renova Group.
Please contact Sulzer using the enquiries form on this page for more information.