Tuesday, December 16, 2003
The company will put up for approval at its Jan. 20, 2004 annual stockholder meeting plans to sell 175 million shares to replenish its acquisition funds. That fund was approved in 2002 and runs through 2007.
"We have already used 27.5 million shares from the Authorized Capital I/2002 for the acquisition of companies. We expect to see consolidation in the industry in future and, as a result, opportunities for further company takeovers," the company said in note to shareholders.
"We feel that it is important to be prepared for such takeovers and consequently propose to the Annual General Meeting that the Authorized Share Capital I/2002 be replenished with EUR 55,000,000 [$67 million] to restore it to EUR 350,000,000 [$432 million] mark, approval by the Annual General Meeting in 2002, that is to say to a total of 175 million shares."
At Tuesday's open price, the 175 million stock sale would amount to about $2.4 billion (2 billion euro).
By: DocMemory
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