{"id":5154,"date":"2016-07-20T16:15:58","date_gmt":"2016-07-20T16:15:58","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=5154"},"modified":"2016-07-20T16:15:58","modified_gmt":"2016-07-20T16:15:58","slug":"5154-2","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/5154-2\/","title":{"rendered":"Palfinger Marine aims to acquire 100% of the Norwegian TTS Group shares"},"content":{"rendered":"

Austrian marine crane manufacturers Palfinger Marine<\/a> announced today it has officially submitted an offer to acquire the TTS Group<\/a>, a Norwegian provider of cranes and offshore access systems.<\/p>\n

According to the TTS Group, Oslo B\u00f8rs had approved the offer for the acquisition of shares in TTS Group by Palfinger Marine, as the takeover supervisory authority.<\/p>\n

\u201cPalfinger aims to acquire 100% of the TTS shares. Apart from the necessary anti-trust approvals, the offer is also subject to the condition that at least 90% of all the shares in TTS be offered to the PALFINGER Group\u201d, the company informed in a statement<\/a>.<\/p>\n

\u00a0Palfinger Submits Takeover Bid<\/strong><\/div>\n

According to Palfinger, the offer stands at NOK 5.60 (\u00a30.49) per share and the offer period will last until August 12.<\/p>\n

Offshore Post<\/a> reports, TTS had previously announced that the board had unanimously recommended that shareholders accept the offer for the acquisition of shares, which is subject to an extension.<\/p>\n

Palfinger\u2019s intention to acquire the company for a share price identical to the official offer had been announced in June.<\/p>\n

The intended acquisition is expected to be finalised in the fourth quarter of the year, subject to the positive outcome of the due diligence audit and the official approvals.<\/p>\n

The final deadline for the acquisition is January 2017.<\/p>\n

<\/div>\n

TTS Takeover Could Place Palfinger Among Top Suppliers<\/h2>\n

According to Palfinger\u2019s CEO Herbert Ortner, the potential acquisition of TTS with the already completed acquisition of Harding would place the company among the top three ship equipment suppliers.<\/p>\n

\u201cIn the future, we want to be a one-stop shop, internationally offering all maritime customer industries competitive products and services,\u201d Ortner said in June.<\/p>\n

With this acquisition, he added<\/a>, Palfinger Marine could contribute around one-third to the revenue of the Palfinger Group from 2017 onwards, \u201chence becoming the Palfinger Group\u2019s second strong mainstay\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

Austrian marine crane manufacturers Palfinger Marine announced today it has officially submitted an offer to acquire the TTS Group, a Norwegian provider of cranes and offshore access systems. According to the TTS Group, Oslo B\u00f8rs had approved the offer for the acquisition of shares in TTS Group by Palfinger Marine, as the takeover supervisory authority. […]<\/p>\n","protected":false},"author":1,"featured_media":5155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,8,10],"tags":[1159,1558],"yoast_head":"\nPalfinger Marine aims to acquire 100% of the Norwegian TTS Group shares - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/5154-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Palfinger Marine aims to acquire 100% of the Norwegian TTS Group shares - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Austrian marine crane manufacturers Palfinger Marine announced today it has officially submitted an offer to acquire the TTS Group, a Norwegian provider of cranes and offshore access systems. According to the TTS Group, Oslo B\u00f8rs had approved the offer for the acquisition of shares in TTS Group by Palfinger Marine, as the takeover supervisory authority. 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