DLG will convert most of its shares in HaGe into newly issued shares in Team and thus become an approximately 70 percent owner in Team. Lantmännen, which owns about 41 percent of HaGe, will after the transaction own about 10.7 percent in Team. The current operations in HaGe will form a division within Team, which together with current business, will become a group with operations within building trade, energy, and agriculture.
DLG announced in September last year that it wants to merge the administration of these two German companies into one group. The Group will have a turnover of approximately EUR 5 billion and will employ about 5,000 employees.
Lantmännen retains one board seat in HaGe and is assigned two board seats in Team. Lantmännen's Chairman of the Board Per Lindahl and Magnus Kagevik, CEO and Group President are nominated for the two board seats.
In connection with the transaction, a steering group for agricultural operations will also be created within Team, with an advisory function. The steering group will consist of members from both the Lantmännen’s Agriculture Sector and representatives from DLG.
"It is positive for us to become a partner in Team, a stable and profitable company that accounts for two-thirds of DLG's earnings. The conversion means that Lantmännen's presence on the German agricultural market remains strong," says Lantmännen's CEO and Group President Magnus Kagevik.
The transaction is to be approved at Team’s general meeting on June 29 and is subject to approval by the German Competition Authorities.
For more information, please contact:
Lantmännen Press Office
Phone: +46 10 556 88 00
E-mail: press@lantmannen.com