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Munich (Reuters) – The Hamburg VTG railway logistics group is about to be bought up by an infrastructure fund from US bank Morgan Stanley.
Billionaire Klaus Michael Kühne separates after two good years of profit. Percentage of package at VTG. Morgan Stanley Infrastructure, previously the largest shareholder of VTG, represents 49% of the shares and offers the remaining shareholders 53 euros per share, announced Monday the investor. The owner of the freight cars is thus valued at 1.52 billion euros, almost twice as much as the Americans' entry in the autumn of 2016.
The offer of redemption is ten percent higher than the closing price of the VTG share on Friday. On Monday, paper rated SDax increased by 14% to 55 euros. The VTG Management Board considers that the offer is too weak and recommends shareholders to refuse to accept it. "The advertised bid price does not reflect the potential of the company," said CEO Heiko Fischer. "We have friendly intentions and believe that we are an excellent partner for the future growth of VTG AG through our global infrastructure expertise," said Markus Hottenrott, chief investment officer of Morgan Stanley Infrastructure Partners. The investor manages five billion dollars, which are among others in the mobile networks and gas pipelines. "We hold our investments on average seven years," Hottenrott told Reuters. VTG has – before the planned acquisition of the French company Nacco – a stock of about 80,000 freight cars that it leases to the chemical, oil and agricultural industries. In addition, it manages rail transport itself.
Kühne Holding, through which the contractor holds a majority stake in the Swiss logistics group Kühne & Nagel, receives 300 million euros for its VTG package. Klaus-Michael Kühne, 81, had bought the shares of US financial investor WL Ross. At that time, the stock price was well below 30 euros. Billionaire Wilbur Ross, today US Secretary of Commerce, acquired VTG in 2005 from the TUI Tourism Group and launched it in 2007. The third largest shareholder of VTG is the Joachim Herz Foundation with ten to hundred. The main shareholder of Beiersdorf has left his decision to accept Morgan Stanley 's offer. "We have only heard about it today," said a spokesman for the foundation on Monday
FEAR OF SANCTIONS
A blocking point of the Acquisition is Russia's relatively small business of VTG. The Americans demand that VTG does not do business with the Russians on the US sanctions lists. In addition, Hamburg is expected to do well over a year announced the acquisition of Nacco perfect, which is examined by the antitrust authorities. VTG wants to finance the initial purchase with debt of 780 million euros, but then plans a capital increase of more than 300 million euros. In total, more than two billion euros of debt will be charged to the group. In 2017, VTG generated a turnover of 1 billion euros and an operating profit (Ebitda) of 343 million euros.
Morgan Stanley acquired its VTG stake from investor Andreas Goer for 242 million euros in 2015 and its leasing company VTG has sold and obtained shares for it. Today, the package is worth more than 400 million euros. Morgan Stanley pointed out that there is no need for a dominance agreement for which the fund would need a 75% majority. "Radiation is not our main approach," Hottenrott told Reuters. "We can also live with a listed company."
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