Pelikan to consolidate German operations
| 10 July, 2014
Pelikan International plans to consolidate some of its operations in Germany. Pelikan said it had written to the management Herlitz that the current proposal to set up a JV company to merge the German operations of both Pelikan and Herlitz was taking too long to complete.
The proposed listing will include an asset injection into the company and its 96.45 percent-owned Switzerland unit Pelikan Holding AG into Herlitz AG.
In return, Pelikan, which is listed on the Malaysian stock exchange, will receive 266 million new shares in Frankfurt listed Herlitz, of which Pelikan now holds a 70.92 percent stake.
“The proposed reorganisation is expected to cut the losses which are being made by the Herlitz Group on a standalone basis,” the company said.