Global Fastener News

Srubex and Koelner Mull Split

September 14
00:00 2007

Srubex and Koelner Mull Split

Jason Sandefur

The planned merger of Polish fastener manufacturer Koelner with screw maker Srubex SA seems to have stalled.
A coalition of minority shareholders of Srubex have “demanded that Koelner call a bid for the shares of Srubex or exchange shares of Srubex for Koelner shares, giving 1.5 shares of Koelner for one share of Srubex,” the Polish News Digest reports. The original merger plans offered one Koelner share for 1.5 shares of Srubex.
With neither party agreeing to terms, the proposed alternative would require an investor to buy Srubex shares from Koelner, which holds about 34% of Srubex equity. The minority shareholders hold about 24% of shares, enough to block the merger.
“The merger of the companies would be beneficial for both companies, as Koelner would gain a factory in a worker-abundant region and Srubex would obtain funds to invest in equipment,” the News Digest reports.
Koelner has been pursuing Srubex stock for the past year, investing more than PLN 120 million (US$40 million) in an effort to finalize its acquisition of Srubex. Web: koelner.com.pl or srubex.com.pl
Web: �2007 FastenerNews.com

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