29 December 1997: Anglo-Irish company Waterford Wedgwood has ruled out the possibility of ending up with a 100% stake in German porcelain manufacturer, Rosenthal, following the bid for the outstanding…
29 December 1997: Anglo-Irish company Waterford Wedgwood has ruled out the possibility of ending up with a 100% stake in German porcelain manufacturer, Rosenthal, following the bid for the outstanding shares it does not already own. However, Waterford Wedgwood“s group finance director, Richard Barnes, said at a recent press conference that he was confident in ending up with a 75% holding, exceeding the 32% stake they currently have in the German company. Waterford Wedgwood recently announced the tender offer, which is being recommended by the Rosenthal board and is unconditional. The consideration amounts to DM 200 cash per share, or 36% above the average price on the Frankfurt Stock Exchange during the six months prior to the offer. Rosenthal said the company should record a profit of between DM 2-3 million in 1998, after a loss of nearly DM 49 million in 1996. The company confirmed that it will nearly break even on an operating basis in 1997, as sales rose about 2%. Barnes said that based on the offer of DM 200 a share, the remaining 54% of Rosenthal would cost Waterford Wedgwood around DM 105.8 million.