By Cecilia Butini
WackerChemie AG said late on Sunday that it is in advanced, near-final negotiations to sell its entire stake in Siltronic AG to Taiwan-based semiconductor company GlobalWafers Co. Ltd.
The sale is in the context of a voluntary tender offer by GlobalWafers to Siltronic with an offer price of 125 euros ($149.53) per share. Wacker Chemie's stake in Siltronic amounts to 30.8% of Siltronic's total outstanding shares, or 9.24 million shares, the company said.
Wacker Chemie said a binding agreement is nearly finalized, pending approval from the company's supervisory board. The supervisory board is expected to make a decision in the second week of December.
Siltronic said that it considers the GlobalWafers offer to be attractive and appropriate. It also said that its executive board intends to propose a dividend of approximately EUR2 per share for fiscal 2020, which is expected to be paid before the completion of the transaction.
Siltronic said the takeover won't affect its business strategy and social partnership with employee representatives. The German wafer manufacturer also said there won't be any site closures or layoffs in Germany until the end of 2024.
Write to Cecilia Butini at email@example.com
(END) Dow Jones Newswires