Mori Seiki likely to take around 20 per cent share in Gildemeister next year
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German machine tool builder Gildemeister AG chief executive Ruediger Kapitza is quoted by Reuters as saying that he would "deem it positive if Mori Seiki held somewhat over 20 per cent of our shares".
Japanese machine tool builder Mori Seki and Gildemeister already jointly hold 5 per cent of each other's stock, having formed a partnership in March 2009. This partnership takes in sales, service, research and development, production, procurement and finance.
This latest announcement comes just days after Mori Seiki flew 100 journalists to the JIMTOF exhibition in Tokyo - see full report here. Expectation was high that an announcement such as this was to be announced then.
The Reuters report, of Tuesday, 9 November, added that, Gildemeister aims to carry out two capital increases in the first half of 2011; one with a volume of up to 10 per cent without a rights issue to existing shareholders, followed by a second one with a volume of up to 20 per cent of shares, including a rights issue.
"With the fresh capital, we aim to strengthen our equity capital and to significantly reduce our debt and our financial liabilities," Dr Kapitza added. The company has net debt of about €300 million.
