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February 25, 2013
06:06 EDTTHRMGentherm announces registration of DPLTA in Germany
Gentherm Incorporated announced the registration of a Domination and Profit and Loss Transfer Agreement with respect to its majority-owned subsidiary, W.E.T. Automotive Systems AG. Registration of the DPLTA had been the subject of a lengthy legal dispute in Germany. The DPLTA essentially allows Gentherm and W.E.T. to be managed as one operational entity.As previously announced, Gentherm recently acquired all of the shares of W.E.T. owned by the largest minority shareholder and the legal case opposing the registration of the DPLTA was simultaneously withdrawn. As a result of that transaction, Gentherm owned approximately 90% of W.E.T.'s outstanding shares. Gentherm also announced that it has since acquired or signed purchase agreements to acquire additional shares in W.E.T. from various minority shareholders that will increase Gentherm's total ownership interest in W.E.T. to 98.8% of W.E.T.'s outstanding shares. The additional shares were purchased for EUR85 per share cash.
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