Andritz has announced to take over all shares of Schuler Aktiengesellschaft and for this purpose, company intends to implement a process at Schuler Aktiengesellschaft for transfer of the shares of minority shareholders. Andritz BTG IV, a wholly-owned subsidiary of Andritz AG, currently holds 96.62 per cent of the share capital of Schuler Aktiengesellschaft.

 

The executive board of Andritz AG, with the approval of the Andritz AG supervisory board, resolved to instruct the management of Andritz Beteiligungsgesellschaft IV GmbH to issue a request pursuant to the first sentence of Section 327a(1) of the German Stock Corporation Act (AktG) to the executive board of Schuler Aktiengesellschaft. Consequently, the management of Andritz BTG IV has submitted a formal request to the executive board of Schuler Aktiengesellschaft to initiate the procedure for a squeeze out according to the German Stock Corporation Act.

 

Andritz BTG IV is the main shareholder as defined in the first sentence of Section 327a(1) of AktG. The amount of the appropriate cash compensation to be provided by Andritz BTG IV as main shareholder to the minority shareholders of Schuler Aktiengesellschaft for transfer of the shares has not yet been decided.