Carl Zeiss and Asclepion Meditec merger proceeds

Carl Zeiss, Oberkochen and Asclepion-Meditec AG, Jena, a corporation listed in the “Neuer Markt” of the Frankfurt stock exchange, have crossed a further hurdle in the merging of their activities to cr…

Carl Zeiss, Oberkochen and Asclepion-Meditec AG, Jena, a corporation listed in the “Neuer Markt” of the Frankfurt stock exchange, have crossed a further hurdle in the merging of their activities to create the world leader in the field of ophthalmic systems. After due diligence, the two partners agreed on the valuation ratio between the companies to be merged. Carl Zeiss is to receive a 76%, and Asclepion-Meditec AG a 24% share in the emerging stock corporation. The next milestone in the merging of the Carl Zeiss Ophthalmology Division, including the Californian company Carl Zeiss Ophthalmic Systems, Inc., with Asclepion-Meditec AG will be Asclepion“s general meeting to be held in May of this year, where the shareholders will be requested to vote on the intended merger. The Federal Antitrust Commission in Germany has already given its consent to the merger. In addition, issues concerning company and tax law still have to be settled before the merger comes into effect. In accordance with the Agreement in Principle, therefore, both partners will still have the possibility of making use of their right to withdraw from the agreement. Carl Zeiss and Asclepion announced their intended merger in November of last year. In view of attractive growth rates in the global ophthalmic market, the activities of the two partners will ideally complement each other. In the growth market of laser vision correction, i.e. refractive surgery, Asclepion is Europe“s largest system supplier. Carl Zeiss is the world“s leading brand in the field of ophthalmic diagnostic systems. This will enable the new corporation to offer a complete spectrum of ophthalmic products for diagnosis, therapy and follow-up treatment. With an estimated total sales figure of roughly EUR 260 million in the 2001 fiscal year (ended 30 September) and approximately 880 employees, including 400 in Jena, the new corporation will become the world leader in the field of ophthalmic systems. The merger will open up broad market synergies for accelerated corporate growth.