SIG rejects Rank offer, no stance on CVC/Ferd bid; FY results rise |
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Fri, 09 Feb 2007 08:04
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ZURICH (AFX) - Swiss packaging group SIG Holding AG said it will not make a recommendation regarding the 400 sfr per share takeover offer made by Norway's Ferd Industrial Holding and British group CVC Capital Partners, but noted that it rejects a rival offer from New Zealand firm Rank Group Holding.The comments were made in SIG's report on the takeover offer by the two groups.In parallel, SIG announced preliminary results for 2006, saying net profit rose 53 pct to 66 mln eur, and EBIT by 42 pct to 108 mln.Sales in the period increased by 12 pct to 1.349 bln.Looking ahead, SIG said it expects to grow its sales above the industry average in the coming years, predicting sales growth of more than 10 pct for the period 2008-2009 and average annual growth of 8 pct for the period 2009-2014.The complete and audited financial statements for 2006 will be published on March 6, 2007, the packaging company said.SIG said it rejects Rank Group Holding's offer of 370 sfr per share on the grounds that the offer was too low and 'does not reflect the inherent value of SIG'.CVC/Ferd's offer, on the other hand, is are alistic' for shareholders who prefer 'to cash (in) their investment in the company', SIG said.But the still-impending EU antitrust review and the conditions of the offer itself imply a risk that CVC/Ferd will ultimately not be able to complete the transaction, SIG warned.afx.zurich@afxnews.comat/abrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Rank predicts slight fall in profits for 2005 