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[June 2001]
EC Clears Way for Acquisition of Sanitec
On 6 June 2001, Pool Acquisition Helsinki Oy (Pool Acquisition), a company ultimately owned by funds advised by BC Partners, received the competition clearance by the European Commission for its acquisition of Sanitec Corporation. The approvals from other competition authorities had already been received earlier.
Pool Acquisition agreed on 26 April 2001 with Wartsila Corporation and other major shareholders of Sanitec to acquire 60.8% of the shares in Sanitec at the price of 14.60 Euros. On 10 May 2001, a public tender offer - expiring on 7 June 2001 - was launched for all remaining shares in Sanitec at the same price. Up to 5 June 2001, Pool Acquisition had received acceptances from shareholders representing 26.82% of the share capital and votes. Together with the shares purchased from Wartsila and other major shareholders, this represents 87.65% of the share capital and votes in Sanitec.
The tender offer period is now extended to 19 June 2001.
Sanitec is the leading manufacturer of bathroom ceramics and bath and shower products in Europe. Sanitec's subsidiary Evac is the world's leading supplier of vacuum sewerage systems. Sanitec's business is based on locally well known brand names, which have strong positions and long roots in the bathroom business.
ENDS