Palfinger plans takeover bid for TTS Group

Palfinger is planning a bid for 100 per cent of the shares in the Norwegian company TTS.

The TTS Group, headquartered in Bergen, Norway, has global operations with a focus on the design, development and supply of equipment solutions and services for the marine and offshore oil and gas industries.

For every share traded on the Oslo Stock Exchange, Palfinger is offering NOK 5.60 (US$0.68).

 “Together with the acquisition of Harding, this acquisition would place Palfinger Marine among the global top three ship equipment suppliers,” Herbert Ortner, CEO of Palfinger, said.

Subject to the positive outcome of the due diligence audit and the official approvals, the intended acquisition is expected to be finalised in the fourth quarter 2016.

The offer will become effective subject to the approval of 90 per cent of the TTS shareholders.