Following merger control clearance on December 23, 2020 by the German Federal Cartel Office of the sale of the Gallus Group to benpac by Heidelberger Druckmaschinen AG (Heidelberg), which was agreed on July 22, 2020, all closing conditions for the transaction have now been met.
The purchaser has informed Heidelberg today (December 29, 2020) that it will not be able to close the transaction still in the calendar year 2020. Closing is now scheduled to take place by the end of January 2021. The owner of the purchaser, Mr. Marco Corvi, has issued personal notarized acknowledgements of debt to Heidelberg in the amount of the total outstanding purchase price of &euro 120 million to secure payment of the purchase price.
This press release contains forward-looking statements based on assumptions and estimations by the Management Board of Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and estimations are realistic, the actual future development and results may deviate substantially from these forward-looking statements due to various factors, such as changes in the macroeconomic situation, in the exchange rates, in the interest rates, and in the print media industry. Heidelberger Druckmaschinen Aktiengesellschaft gives no warranty and does not assume liability for any damages in case the future development and the projected results do not correspond with the forward-looking statements contained in this press release.
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