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Pannunity acquires 98.9% of Pannunion shares in public offer

Luxembourg-registered special purchase vehicle Pannunity will acquire about 98.8% of the shares of packaging company PannUnion as a result of a public purchase offer opened on June 1 and closed on June 30, Pannunion announced on Friday.

The transaction is pending on approval by competition authorities.

Pannunity intends to buy out the outstanding Pannunion shares, and will make a respective announcement after the competition procedures were closed.

A total of 95.3% of the shares were held by PannErgy, formerly called Pannonplast, and the management of PannUnion approved PannErgy's sale of the stake through a public purchase offer at HUF 210.32 per share following an independent assessment from consultancy RSM DTM Hungary at the end of May.

Pannunity is a special purchase vehicle owned by a company registered in Luxembourg indirectly controlled by investment funds managed by affiliates of Sun Capital Partners, a US-base private investment firm.

PannErgy, formerly called Pannonplast, announced plans in 2007 to change its profile to focus on geothermal energy projects. It spun off its plastics and packaging businesses into PannUnion, which is a B-category issuer at the Budapest Stock Exchange.