12.05.2006

Same bid for Deutz

Same Deutz-Fahr Holding&Finance BV, the Dutch subsidiary of Same Deutz-Fahr S.p.A of Italy, has converted its Deutz AG profit sharing rights into shares in the engine maker.

At the same time Same has also turned its convertible bonds into Deutz AG shares. The net effect is to take the Same holding in Deutz up to over 36 percent.

Under German takeover rules, now that the Same holding is over 30 percent, it is required to make a formal offer to all Deutz shareholders.

Deutz AG declined to comment on this mandatory offer and has said that it will comment once the relevant documentation has been submitted.

Vittorio Carozza, president of Same said that the group "has no interest whatever in acquiring a majority shareholding in, nor delisting Deutz AG."

Same has been working with Deutz since 1995 and been a shareholder in Deutz AG since 2003. It exceeded the disclosure threshold of 25 percent of issued capital in July 2004.

Same Deutz Fahr sells JLG European built telehandlers under its own brand through its European agricultural distribution network.