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Kion to raise capital via new shares to partly refinance Dematic deal
May 22, 2017 / 4:45 PM / in 2 months

Kion to raise capital via new shares to partly refinance Dematic deal

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BERLIN, May 22 (Reuters) - German forklift truck and robotics maker Kion said it will issue shares equivalent to 8.55 percent of its capital to partly refinance the $2.1 billion acquisition of Dematic in 2016.

Kion will issue 9.3 million new shares and major shareholder Weichai Power will acquire shares to keep its shareholding stable at around 43 percent, the company said in a statement on Monday.

The price will be determined in an accelerated bookbuilding process.

Kion's shares closed on Monday at 65 euros. If the new shares were issued at that price, it would raise over 600 million euros for the company. (Reporting by Victoria Bryan, editing by Thomas Escritt)

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