News story

Manitou reinforces family control

Wednesday, 13 April 2011 ( #509 ) - Ancenis, France
Manitou's board of directors has reviewed a global family protocol signed in February to facilitate the transmission of the shareholding in the company to younger generations. A Manitou spokesman tells News that company founder Marcel Braud is advancing in age and that it is important to have a signed agreement that confirms and reinforces the family control of the company. The global family protocol proposes the merger of Manitou with its holding company, SFERT, which is jointly controlled by the Braud and Himsworth branches, and a new shareholders' agreement. The new agreement will take the collective Braud and Himsworth shareholding from 63.23% to 65.07%. SFERT will contribute all its net assets to Manitou including EUR38 million (USD54.9 million) of cash. The money will be reinvested in the company. Details of the investment and the merger will be approved during Manitou's AGM on 9 June.