Krenhof AG; Pankl Racing Systems AG

On 01.12.2020 the Austrian Federal Competition Authority was notified of the following merger:

Planned purchase process

The envisaged transaction concerns the acquisition of 100% of the shares in Krenhof Aktiengesellschaft (FN 125886b), based in Köflach, Austria ("Krenhof") by Pankl Racing Systems AG (FN 540009g), based in Kapfenberg, Austria ("PARS").

Krenhof is a producer of drop forgings and forged hand tools, each made of steel. It generates approximately 7% of its turnover with the production of forged hand tools. By 30 June 2021, the part of the business for the manufacture of forged hand tools is expected to be sold to the current 19.35 % shareholder of Krenhof, Johann Offner Werkzeugindustrie Gesellschaft m.b.H., so that PARS will ultimately not acquire control of this part of the Krenhof’s business. The acquisition of this part of the business by Johann Offner Werkzeugindustrie Gesellschaft m.b.H. does not constitute a concentration to be notified pursuant to merger regulations due to the lack of meeting turnover thresholds.

PARS’ sole shareholder is Pankl AG (FN 395143v), with its registered office in Kapfenberg, Austria (“Pankl”). 80 % of Pankl’s shares are, in turn, held by Pierer Industrie AG (FN 290677t), with its registered office in Wels, Austria ("PIAG"). The indirect beneficial owner of PARS, Pankl and PIAG is Mr Dipl. Ing Stefan Pierer.

19.35% of the shares in Krenhof are held by Johann Offner Werkzeugindustrie Gesellschaft m.b.H., 5.3% by Ms Susan Berl, 19.86% by Mr George Berl Ronald, 27.88% by Mr Roger John Berl and 27.61% by Mr Matthias Hartmann. The direct beneficial owners of Krenhof are Matthias Markus Hartmann and Roger John Berl.

As of the time of the filing of this notification, PIAG neither directly nor indirectly holds shares in Krenhof.

It is intended, that upon the closing of the envisaged transaction, PIAG shall hold all the shares in Krenhof indirectly via PARS and that, thereby, PIAG shall indirectly acquire sole control of Krenhof.

Economic sectors concerned: Manufacture of forgings, pressed, drawn and stamped parts, rolled rings and powder metallurgy products, ÖNACE [C 25.5].

Industry sector: C - Verarbeitendes Gewerbe/Herstellung von Waren

Deadline for bringing in an application pursuant to § 11(1) Cartel Act will end on 29.12.2020.

Entrepreneurs whose legal or economic interests are affected by the merger can bring in a written statement at the Federal Competition Authority or the Federal Cartel Prosecutor within 14 days from publication date.

Note: The intervening party has no right to a certain treatment of the statement and will not gain a party position.

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