Beru Boards Approve Takeover

Both Beru AG’s supervisory board and its executive board have approved a takeover bid by BorgWarner Inc, describing it as “fair and appropriate.” Following a meeting to discuss the subject, both boards issued statements recommended BorgWarner’s proposed price of 67.50 euros (£46.32) per share. The regular period for acceptance expires at midnight on January 24, 2005. According to a company statement, the offered price is 252.1 per cent above the 19.17 euro price the shares were originally issued at in October 1997.

The statement added: “In view of the complementary character of the planned takeover…the BERU Executive Board assumes that the employment situation at the BERU Group will not change as a result of this transaction. From the contents of the offer it is apparent that no measures are currently planned which would have a significant impact on the workforce of BERU AG or its subsidiaries.”