Wacker Chemie to Sell Stake in Siltronic to GlobalWafers
November 30 2020 - 2:05AM
Dow Jones News
By Cecilia Butini
WackerChemie AG said late on Sunday that it is in advanced,
near-final negotiations to sell its entire stake in Siltronic AG to
Taiwan-based semiconductor company GlobalWafers Co. Ltd.
The sale is in the context of a voluntary tender offer by
GlobalWafers to Siltronic with an offer price of 125 euros
($149.53) per share. Wacker Chemie's stake in Siltronic amounts to
30.8% of Siltronic's total outstanding shares, or 9.24 million
shares, the company said.
Wacker Chemie said a binding agreement is nearly finalized,
pending approval from the company's supervisory board. The
supervisory board is expected to make a decision in the second week
of December.
Siltronic said that it considers the GlobalWafers offer to be
attractive and appropriate. It also said that its executive board
intends to propose a dividend of approximately EUR2 per share for
fiscal 2020, which is expected to be paid before the completion of
the transaction.
Siltronic said the takeover won't affect its business strategy
and social partnership with employee representatives. The German
wafer manufacturer also said there won't be any site closures or
layoffs in Germany until the end of 2024.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
November 30, 2020 01:50 ET (06:50 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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