The building contractor Günter Papenburg does not plan any further increase in his share in the steel company Salzgitter after his failed attempted takeover.
“I wanted a friendly takeover and will not buy any other shares now,” he told the “Braunschweiger Zeitung”. Papenburg already holds 29.9 percent of the group and is therefore the largest shareholder in front of the state of Lower Saxony with 26.5 percent.
Together with TSR Recycling, Papenburg had presented a non -binding bid for the steel company at the beginning of the year. In April, however, the Salzgitter board had rejected this as too low after “intensive conversations”. At IG Metall, too, the takeover requirement had come across resistance. The country had also spoken out against the sale of its Salzgitter shares.
“I wanted to find a common line with the country and the employees,” said Papenburg. “I didn’t want an enemy takeover. Either you want me or not.” He now wanted to wait for the written answer to his questions that his representative had put on Thursday at the Salzgitter general meeting in Wolfsburg – and then decided on his further procedure.
This can also mean his complete retreat from Salzgitter: “If I am not wanted, we plan to give up our shares,” the newspaper quotes the building contractor. “I don’t need Salzgitter AG.” Salzgitter boss Gunnar Groebler, on the other hand, announced at the Annual General Meeting that he wanted to continue working with Papenburg even after the cancellation of a takeover.
Braunschweig/Salzgitter (dpa-AfX)
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