- Volkswagen AG Board of Management and Supervisory Board approve sale of 76 percent stake or approximately 5.3 million shares in listed company RENK AG
- Purchase price of 97.80 EUR per share is subject to adjustments in relation to dividend
- Transaction implies cash inflow of approximately 530 million EUR for Volkswagen
- Long-term location and employment guarantee for RENK’s German sites until December 31st 2026 agreed
- CFO Frank Witter: ”Volkswagen is driving the transformation of the Group further forward and new perspectives for the future and for growth are opening up for RENK.”
- Works Council Chairman Osterloh: “With the disposal of RENK to Triton we found a reasonable solution for the asset. The location and employment guarantee for the German plants until 2026 is an essential and future-oriented point of the transaction.”
Volkswagen to sell RENK shares to Triton
The Board of Management and Supervisory Board of Volkswagen AG have approved the sale of the 76 percent stake or approximately 5.3 million shares in the listed company RENK AG to Triton for a purchase price of 97.80 EUR per share which is subject to adjustments in relation to dividend. The planned disposal results in a book value gain according to IFRS of approximately 150 million EUR for the Group and implies a cash inflow of approximately 530 million EUR.
In the agreement of the disposal a long-term location and employment guarantee for the three German sites in Augsburg, Rheine and Hanover until December 31st 2026 was agreed between RENK and Triton. Furthermore, Triton agreed to keep the present legal form of the enterprise and the headquarters of RENK AG. All business divisions at the drive technology specialist are to be continued.
The transaction is subject to foreign investment control and merger control approvals and is independent of the outcome of the voluntary takeover offer to outstanding shareholders of RENK announced by Triton. The transaction between Volkswagen and Triton is expected to be completed by early 2021.