Kamps accepts Italian bid, finally

The Chairman of German bakery chain Kamps, Heiner Kamps, said on Tuesday that a majority of shareholders support the sale of the company to Italian pasta maker Barilla, and he expects the takeover attempt to be successful, VWD reported.

According to the report, at a press conference on Tuesday given by Kamps, it was clear that a majority supported the offer from the Italian pasta maker and are ready to sell their stakes. Kamps' management accepted Barilla's offer of €12.50 a share after rejecting a prior offer of €12 a share.

The chairman, the largest single shareholder in the industrial baking company, said he will sell his stake, but would remain chairman of the company. After the takeover, Kamps will continue as an independent legal entity, with its current management and head quarters in Duesseldorf.

Around 85 per cent of Kamps shares are publicly traded, and the amount held by small investors is under 10 per cent, VWD said. Kamps has 82.8 million shares outstanding.