Christ boards recommend takeover acceptance
The management and supervisory boards of Austria's Christ Water Technology AG recommended on 23 October 2009 that shareholders accept the offer of takeover from GLV Inc of Quebec, Canada, following an extensive evaluation of the offer document and all individual arguments.The takeover creates a globally leading water technology provider out of two technologically and regionally complementary groups of companies.
The boards welcomed and supported the perspectives and opportunities arising for the Christ group and regarded the price of € 3.35/share as appropriate and fair.
Christ and its subsidiary Aqua Engineering, which has offices in Dubai, Beijing and Johannesburg, have won a number of membrane water treatment and desalination contracts. In September 2009, Aqua Engineering announced two new contracts in Egypt and Ajman, UAE.
GLV, through Eimco Water Technologies, is a global provider of membrane and water intake technology, as well as being active in pulp and paper.