5 February 1998: Further to earlier GlassOnline stories published online late last year, shareholders in German blast furnace linings maker Didier Werke AG finally approved a modified control agreemen…
5 February 1998: Further to earlier GlassOnline stories published online late last year, shareholders in German blast furnace linings maker Didier Werke AG finally approved a modified control agreement with Austrian fireproof materials maker Radex-Heraklith (RHI). RHI had proposed the idea of a control agreement as a cross-border merger was not possible, but the original plan had met opposition from shareholders at a meeting on 17 October. The agreement gives Veitsch-Radex overall management control over Didier, and sees an annual dividend of six marks and a cash payoff of DM 120 for each DM 50 share. The company holds over 75% of Didier through its subsidiary Veitsch-Radex, which also pledged to make a limited public offer to outstanding shareholders of DM 150 per share once the deal has been registered with the public authorities. Shareholders supposedly welcomed the agreement and called it “fair, sensible and attractive.”