Agfa-Gevaert chief financial officer denies rumours of Philips bid

Hoornaert spoke out yesterday after Agfa’s European share price leapt 39 per cent to €5.65 ($AU9.25), following rumours that Philips might make a €9 per share offer for the Belgian company.

“Agfa-Gevaert does not know of any acquisition proposal. We are very shocked. We have not received anything in the form of a communication or piece of news,” said Hoornaert.

Shares fell somewhat following Hoornaert’s statement, but still closed up 24.5 per cent at €5.06.

The news follows Agfa’s appointment, in April, of German-based investment bank Lazard to conduct a strategic review of its operations, after a planned demerger of the company’s three division – Graphics, Healthcare and Materials – fell through.

Agfa blamed the demerger’s indefinite postponement on disappointing results, which also spurred  a massive drop in its share price over the past 12 months – down 77 per cent from a high of €19.10 to a low of €4.38.

Read the original article at www.printweek.com.

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