News on 22 February 2001
Despite a bid by Swiss financiers, InCentive Capital,
for the entire Sulzer Corporation of 4.4bn Swiss francs (£1.8bn)
(see News story), Sulzer
Infra CBX MD Mike Cairney maintains that the sale of the division
of which his company is a part, is continuing in a “business as
usual” scenario. Bidders are currently engaged in a process of
due diligence and an announcement about a preferred bidder is expected
this Spring.
Cairney said: “On the basis that the Sulzer Infra sale price is
aligned with value expectations, the exercise continues. There is plenty
of enthusiasm that a strong strategic partner is the right fit. The
Sulzer AGM is set for April 19th 2001 and this is the target date for
seeking full sanction to the sale of Sulzer Infra.”
In a statement Sulzer’s board has said they will not comment on
the offer until further details are known. The corporation has long
said that any ultimate buyer for the division will need to honour Sulzer’s
ethical responsibility to employees and other stakeholder groups.
www.sulzerinfra.co.uk
