RWE has made no secret of its desire to dispose of the debt-laden print equipment giant and as far back as 2002 was talking about a sale when market conditions had improved (PrintWeek, 20 December 2002).
The company, which owns 50.02% of Heidelberg, has confirmed a direct sale of 30m shares though "accelerated bookbuilding". The term means building a book of demand to get an indication of market interest prior to a sale.
The remainder of the 42,968,396 shares owned by RWE will be offered through exchangeable bonds, which will enable the Heidelberg's suppliers to swap debt for equity. The exchangeable bond offer is designed to alleviate Heidelberg's debt burden by up to 356m (525m Euros).
The final offer price, the number of Heidelberg shares placed and the size and final conditions of the exchangeable bond will be confirmed after Thursday 6 May, when the acceptance period expires.
Story by Ruth Nicholas
