M & A

Dresdner Factoring: New majority

The majority shareholder of Dresdner Factoring, registered in the German stock exchange General Standard list of companies, is now abcfinance. Indeed, abcfinance Beteiligungs AG increased its stake in Dresdner Factoring to 81% at the end of August. Now, under the umbrella of abcfinance – itself part of the Werhahn group that sets itself as a market leader in leasing and factoring for PMIs – Dresdner Factoring should gain vigour, and this move in particular will give Dresdner Factoring, whose aim is to be the only German factoring company listed on the Stock Exchange, a new leasing division. Based on the 2012 results, the two companies are expected to produce an annual volume of factoring of some 1.6 thousand million Euros.

Hess: the lights are still burning

Hess AG has found a new investor. The company made front-page news for alleged fraudulent bankruptcy (see previous Vipsight). On 1st October, Dutch lighting manufacturer Nordeon will take over the business activities and all necessary assets of Hess, a General Standard listed company specialized in the manufacture of external luminaires. According to Hess, the asset deal format of the transaction is a life-line for the survival of the Villingen-Schwenningen plant and the jobs of the 180 remaining employees. Nordeon has also acquired the plants in Scandinavia and the US. The deal emerged from a project of future joint development with Hess management and the bankruptcy receiver. Neither company has revealed the price of the deal.