In a bid to strengthen its financial position, German firm Wacker Chemie says it has successfully placed 2.1 million shares of Siltronic AG at a price of EUR89.35 per Siltronic share.
The placement corresponds to 7% of Siltronic’s capital stock and reduces Wacker’s shareholding in Siltronic to approximately 24%.
The gross proceeds for Wacker from the placement amount to approximately EUR188 million. The shares were sold as part of a private placement in the form of an accelerated bookbuilding process to qualified investors and to international institutional investors only.
“We are very satisfied with the development of Siltronic AG and remain supportive of the company’s strategy,” says Wacker CEO Christian Hartel. “With proceeds from this transaction, we are strengthening our financial position and creating additional scope to invest in future growth. At the same time, Wacker remains the largest shareholder of Siltronic,” Hartel continues.
The company undertook vis-à-vis the bank acting for it on the transaction not to dispose of any further Siltronic shares in the 90 days following launch of the placement, subject to certain exemptions and waiver. Rothschild & Co acted as financial advisor to Wacker.