According to Bloomberg, Heidelberger Druckmaschinen, the world's largest press manufacturer, may be in talks with manroland AG to merge the two companies.
The story stems from a report from the July 27th edition of Der Platow Brief, a Frankfurt-based financial newsletter. According to the newsletter, Allianz SE, which has a controlling interest in manroland and a 12 percent stake in Heidelberg, is pressuring the two companies to merge to protect its investments.
The Platow Brief does not cite any sources and neither company would comment on the rumour.
manroland AG was formed in 1979, but has roots in webfed technology going back to 1845. Heidelberg was founded in 1850 and controls 40 percent of the sheetfed offset press marketplace today.
Read the full Bloomberg story
Shortly after Unisource canceled its agreement to purchase Gould Paper Canada, xpedx Canada led by Mike Kearney steps in to purchase the paper distributor. xpedx Canada, a subsidiary of International Paper, on June 20 announced it had completed the acquisition of Vancouver-based Gould Paper Canada Ltd., a subsidiary of privately held Gould Paper Corporation, headquartered in New York City.
Gould Paper Canada, which employs approximately 65 people, and with distribution facilities in Vancouver, Calgary and Edmonton, will operate as part of xpedx Canada, a business of xpedx, International Paper’s distribution business and one of North America’s largest business-to-business distributors.
"This is an exciting opportunity for xpedx Canada to expand its market reach to three major western Canadian markets—Vancouver, Calgary and Edmonton," said Kearney, VP of xpedx Canada. "Gould Paper Canada has a strong reputation for providing great customer service."
Unisource Canada announced it had canceled a May 15 agreement to purchase Gould just two days after a new, June 14 agreement to purchase large-format equipment Mondrian-Hall.
Two days after announcing an agreement to buy Mondrian-Hall, which itself filed for bankruptcy protection on July 8 of this year, Unisource Canada has now canceled an earlier agreement to purchase Gould Paper.
Unisource explained its decision in a single-sentence statement made on July 16: "Unisource Canada Inc. has been unable to reach a conclusive agreement with respect to the acquisition of Gould Paper Canada Ltd. in a timely manner and, as a result, has decided not to pursue the acquistion further at this time."
The original agreement to purchase Gould was made in mid-May 2009. On July 14, Unisource announced its intentions to purchase national wide-format equipment distributor Mondrian-Hall, which is a deal it expects to close by mid-August. On July 8, Mondrian-Hall filed for bankruptcy protection under the Companies' Creditors Arrangement Act., through RSM Richter.
RR Donnelley & Sons Company states its proposal to acquire substantially all of the assets and assume certain liabilities of Quebecor World has expired.
"We are disappointed by the decision of Quebecor World to reject our June 8 proposal," said Thomas Quinlan III, President and CEO of RR Donnelley (RRD). "We believe that our proposal was undoubtedly in the best interests of creditors based on a comparison of the distributions under our proposal with the distributions under the proposed stand-alone plan of reorganization. We are particularly disappointed because of the efforts and concessions made by us to adapt our proposal in response to concerns that were communicated to us."
RRD’s original May 12, US$1.3 billion proposal to Quebecor World was soon followed with modified versions. RRD states these June 2 and June 8 modifications – amounting to about US$200 million in cash and stock – were based on “preliminary due diligence” and to respond to feedback from certain Quebecor World creditors.
"This would have been an excellent fit for RR Donnelley and the best opportunity for the Quebecor World creditors. However, given our view of the Quebecor World operations, a transaction ascribing a higher value to Quebecor World than we offered in our last proposal is simply not in the interests of RR Donnelley," said Quinlan. "We look forward to continuing to pursue other strategic initiatives."
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