AVIC International Engineering Holdings Pte. Ltd. and Yap Lian Seng completed the acquisition of 49.99% stake in KHD Humboldt Wedag International AG (DB:KWG) for approximately €160 million.
January 12, 2014 at 11:00 pm EST
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AVIC International Engineering Holdings Pte. Ltd. and Yap Lian Seng made an offer to acquire 60.97% stake in KHD Humboldt Wedag International AG (DB:KWG) for approximately €200 million on October 11, 2013. Under the terms, AVIC International Engineering Holdings Pte. Ltd. and Yap Lian Seng offered to pay €6.45 per share of KHD Humboldt Wedag International AG. The offer will be subject to obtaining merger/cartel clearance under the laws of Turkey, obtaining a certificate of non-objection from or clearance by the German Federal Ministry of Economics and Technology pursuant to the German Foreign Trade and Payments Regulation and obtaining regulatory approvals. The offer will not be subject to a minimum acceptance condition. In a related transaction, AVIC International Engineering Holdings entered into an agreement to acquire an additional 19.03% stake in KHD Humboldt Wedag International AG on October 11, 2013.
As of December 19, 2013, AVIC International Engineering Holdings Pte. Ltd. and Yap Lian Seng have received valid acceptances for 20.1 million shares of KHD representing 40.47% stake. The additional acceptance period will start on December 30, 2013 and will end on January 13, 2014. As of January 13, 2014, AVIC International Engineering Holdings Pte. Ltd. and Yap Lian Seng have received valid acceptances of 4.7 million shares of KHD representing 9.53% stake.
Carsten Gromotke of Jones Day acted as antitrust counsel in the transaction. Ulrike Binder, Dirk-Peter Flor, Veronica Ng, Andy Lau, Jennifer Ng, Marc Bäumer, Sören Pruß, Alex Cheung, Angie Chan, Alfred Yeung and Francis Chen of Mayer Brown acted as legal advisors for financing bank Industrial and Commercial Bank of China (Asia) Limited. Reinhard Eyring, Martina RotheFabian von Samson-Himmelstjerna, Joanna Wilczynska-Gluch, Tom Beckerhoff, Dominic Gregory of Ashurst LLP acted as legal advisors for AVIC International Engineering Holdings and Yap Lian Seng. Zhong Lun and Jun He have advised the Chinese group on PRC law. PricewaterhouseCoopers LLP and Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft acted as accountants for AVIC International Engineering Holdings Pte. Ltd.
AVIC International Engineering Holdings Pte. Ltd. and Yap Lian Seng completed the acquisition of 49.99% stake in KHD Humboldt Wedag International AG (DB:KWG) for approximately €160 million on January 13, 2014.
KHD Humboldt Wedag International AG is a Germany-based provider of cement plant technology, equipment, and services. Its product portfolio comprises solutions for pyro processing, such as a pre-heater for clinker pyro-processing, calciner, bypass systems, rotary kilns, clinker coolers, fans and firing systems. Its products and services include the segments Project Business (Capex) and Plant Services. Capex (Project Business) offers process technology, design, engineering, project management, and the supply of technical equipment and other activities with an e-learning program, SIMULEX. The Plant Services segment includes the supply of spare and wear parts as well as various plant services, maintenance services such as refurbishing roller presses, technical inspections and audits, as well as consulting and assistance services.
AVIC International Engineering Holdings Pte. Ltd. and Yap Lian Seng completed the acquisition of 49.99% stake in KHD Humboldt Wedag International AG (DB: KWG) for approximately €160 million.
KHD HUMBOLDT WEDAG INTERNATIONAL AG 
