ITT Industries German Holding GmbH, a fully-owned subsidiary of ITT Industries, Inc., has received all necessary regulatory approvals to proceed with its public offer for WEDECO Water Technology.
Regulatory authorities in Germany, the United States and Spain have approved the combination, satisfying the merger control condition of the public offer which terminates today at 12:00 noon CET.
ITT's Fluid Technology group provides fluid equipment, including pumps, as well as water treatment systems.
WEDECO manufactures UV disinfection and ozone oxidation systems.
WEDECO's largest shareholder, GfS Finance GmbH, holding approximately 27 percent of WEDECO's share capital, has signed a definitive share purchase agreement where GfS Finance GmbH has agreed to sell to ITT Industries German Holding GmbH all of its shares held in WEDECO.
In addition, the management and the supervisory board of WEDECO are fully supportive of the transaction and recommend WEDECO's shareholders accept the offer.
WEDECO shareholders will receive euro 18 per WEDECO share in cash representing a premium of 36 percent over the three-month average Xetra closing share price prior to the date of the announcement of the public offer.