Businessman makes offer for Germanischer Lloyd
Germanischer Lloyd said Hamburg businessman G'nter Herz has made a firm offer to its stockholders for their shares 'just in time for the shareholders' meeting' today.
A statement said the executive board of GL 'welcomes this initiative by Mr. Herz, and is currently examining the details of his bid. GL said: 'The friendly offer is aimed at safeguarding the sustained long-term development of Germanischer Lloyd as a strategically independent classification society.'
It said with regard to its key points, Hertz's offer has been coordinated with the executive board of Germanischer Lloyd and is not subject to any conditions.
GL said Herz intends to purchase up to 100 percent of the company's shares, with the goal of 'scuttling the hostile takeover by its French competitor,' Bureau Veritas.
GL said a Nov. 9 offer by Bureau Veritas surprised the shareholders of the German class society with a takeover bid that had been made without prior consultation.
'Besides being subject to numerous provisos, it contained no binding assurances for the 3,200 employees and 176 business locations in 74 countries,' the German society said.
A joint statement issued by GL's executive board and supervisory board on Nov. 29 said there was a 'high level of risk posed by such a hostile takeover for Germanischer Lloyd. In particular, the future growth potential of Germanischer Lloyd would be restrained.'
Forbes magazine ranked Hertz 382nd on its list of the richest people in the world in 2006. It said he and his siblings 'inherited a fortune from his father, coffee magnate Max Herz.' It also said that through their private equity company Mayfair GmbH, G'nter and his sister Daniela bought a 25 percent stake in the German sportswear company, Puma AG.
Businessman makes offer for Germanischer Lloyd
