Mori Seiki and Gildemeister AG set out to strengthen ties further
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Japan's Mori Seiki and Germany's Gildemeister Aktiengesellschaft, or Gildemeister AG, are set to strengthen their ties, with company name changes and increases in shareholdings set to be made.
The two companies have worked cooperatively on sales, service development, purchasing, R&D and manufacturing, and have established cross-shareholdings since March 2009.
In the latest announcement, made by Mori Seiki today (21 March), Gildemeister Aktiengesellschaft says it plans to request shareholder approval of a name change to DMG Mori Seiki Aktiengesellschaft, while Mori Seiki intends to become DMG Mori Seiki Co Ltd.
In addition, Mori Seiki will acquire additional shares in Gildemeister, so that its share, in terms of voting rights, will be increased up to 24.9% (currently 20.7%). Gildemeister AG, on the other hand, will have the right to increase its equity stake in Mori Seiki to 10.1% (it is around 5.1% now).
These are two key elements of a new cooperation agreement signed today (21 March) by the pair "with a view to further developing their such relationships".
These proposed changes to tighten capital ties and change corporate names are subject to approvals and permissions required under the applicable competition laws and other laws.
