WKRCF Wacker Neuson SE Namen Akt (PK)

By Cecilia Butini

German chemical company Wacker Chemie AG said late Wednesday that its supervisory board has approved an irrevocable undertaking to sell its entire stake in silicon-wafers manufacturer Siltronic AG to semiconductor maker GlobalWafers Co.

The offer price is 125 euros ($151.04) per share for approximately 30.8% of Siltronic's share capital, with a minimum acceptance threshold of 65%.

Siltronic's executive and supervisory boards also approved the signing of the agreement, the company said.

Siltronic said separately that the offer price represents a 48% premium on the volume-weighted average price on the Xetra trading system over the 90 days prior to the agreement disclosure.

Siltronic also said the agreement allows the company to pursue an unchanged business strategy. It still intends to propose a dividend of about EUR2 a share, to be paid out before the completion of the transaction.

As a result of the takeover, there won't be any site closures or layoffs for operational reasons in Germany until the end of 2024, Siltronic said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

December 10, 2020 01:57 ET (06:57 GMT)

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