Merger of ALSO and Actebis delayed


As already publicly announced on August 13, 2010, Actebis GmbH, a subsidiary of Droege International Group AG, and the publicly listed ALSO Holding Ltd., a subsidiary of Schindler Holding Ltd., intend to merge their activities. Such a merger would create the third-largest ICT and CE distribution company in Europe, with a turnover of around CHF 10 billion.

The completion of the merger is still subject to the concluding of a merger agreement, approval of the responsible competition authorities, a fairness opinion, and agreement of the ALSO shareholders and the governing bodies of the Droege Group AG.

However, approval by the responsible competition authorities is expected at the earliest in the week of December 6, 2010. Since notification of the Extraordinary General Meeting of ALSO Holding must be given at least 20 days in advance, the Extraordinary General Meeting would have taken place during the time-window between Christmas and New Year's Eve 2010. In addition, the complex negotiations require more time as originally planned. In light of the status of negotiations and assuming there are no unanticipated events, we expect that the transaction can be realized in the first quarter of 2011.

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