DGAP-News: Siltronic AG / Key word(s): Offer
Combination of Siltronic and GlobalWafers clears first important hurdles - minimum acceptance threshold reached and clearance from German Federal Cartel Office
The German Federal Cartel Office (Bundeskartellamt) had also given its clearance for the business combination on February 9, 2021, as it saw no indications that competition in the wafer industry could be impeded by this transaction. In the view of the German Federal Cartel Office, semiconductor producers will have sufficient current and potential procurement alternatives after the business combination.
Siltronic and GlobalWafers have thus come closer to their goal of establishing one of the world's leading wafer producers capable of operating successfully in the global semiconductor market of the future. The product portfolios of both companies complement each other in many areas and form a strong basis to benefit from the long-term growth drivers in the wafer industry.
"Our starting point is very good: a strong combined product portfolio, technology know-how and many years of expertise in leading-edge technology of two complementary teams, as well as a competitive cost structure. Together we will serve our customers better," said Dr. Christoph von Plotho, CEO of Siltronic AG.
In a business combination agreement signed at the beginning of December, the two companies agreed on a guarantee for the German Siltronic sites and protection against compulsory redundancies for employees in Germany until the end of 2024. The social partnership with the German employee representatives and the existing collective bargaining agreements and works agreements will also be maintained. The Burghausen site will remain Siltronic's technology and R&D center. Sufficient investment budgets will be available to an appropriate extent in order to maintain and further develop existing production capacities. The established Siltronic brand will also be retained in the combined company.
Based on the binding commitments of GlobalWafers, Siltronic will continue to exist within the GlobalWafers Group as one of the technology leaders in the global wafer industry. Very good development opportunities will be created for the employees of both companies.
Siltronic and GlobalWafers expect to complete the transaction in the second half of 2021 subject to the receipt of required merger control and foreign investment approvals.
Siltronic is one of the world's largest manufacturers of hyperpure silicon wafers and partner to many leading semiconductor companies. The company operates production sites in Asia, Europe and the USA. Siltronic develops and manufactures silicon wafers in diameters of up to 300 mm. Silicon wafers form the basis for modern microelectronics and nanoelectronics and are a key component in semiconductor chips driving computers, smartphones, navigation systems and many other applications. Siltronic AG employs around 3,600 people and is a stock-listed company in Germany (Prime Standard). Siltronic shares are included in the MDAX and TecDAX.
Only the joint reasoned statements of the Executive Board and Supervisory Board are authoritative. The information in this press release does not constitute explanations or supplements to the contents in these statements.
15.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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