GLV in voluntary bid to take over Christ
GLV Inc announced on 22 September 2009 that its board had approved a voluntary takeover bid to purchase up to 100% of the shares of Christ Water Technology AG of Austria.Christ has in recent years won a number of membrane water treatment and desalination contracts, including some through its subsidiary Aqua Engineering, which has offices in Dubai, Beijing and Johannesburg.
GLV, through Eimco Water Technologies, is a global provider of both membrane and water intake technology, as well as being active in pulp and paper. It proposes a cash consideration of € 3.35 per Christ share in a public tender offer which is supported by Christ's largest shareholder, WAB Foundation.
The Christ board has 10 days to comment on the offer, which would create a new water technology group active on five continents with 2,500 employees and a turnover of more than € 500 million.
Richard Verreault, GLV's president and chief operating officer, stated that GLV would be able to provide thermal power stations and seawater desalination plants with comprehensive solutions, including process water microfiltration, ultrafiltration, demineralization and recycling technologies.
He also said that the acquisition would further enhance GLV's presence in emerging markets, notably in Asia and Europe, where Christ receives a significant proportion of its revenues. It would also contribute to expanding GLV's range of products and services and to increasing its revenues and market share in its existing markets in North America, Western Europe, the Pacific region and the Middle East.