Issue: 6/03

Robert Bosch GmbH, Stuttgart, has made public a takeover offer in the amount of EUR 29.15 per share to the shareholders of Buderus Aktiengesellschaft, Wetzlar. Details on the terms of the takeover offer may be viewed in the offer document at or directly at

The offer price of EUR 29.15 per share exceeds the Buderus weighted average domestic stock exchange price of EUR 24.94 determined during the three months preceding the announcement of the takeover offer.

The reasons given for the takeover in the offer document include:

  • The European heating industry is currently experiencing an intense merger and consolidation phase in the face of little market growth. Combining the activities of Bosch and Buderus in heating technology, which are highly complementary from a strategic perspective, affords additional revenue potential, improved market penetration, and economies of scale.

  • Bosch's and Buderus' existing ranges of products in the area of heating and hot water technology complement one another. Bosch specializes in wall hanging gas-fired boilers and gas-fired hot water systems. Buderus, on the other hand, has special expertise in gas-burning and oil-burning upright boilers, and it is engaged in the fields of heating technology and hot water systems.

  • Along with their products, Bosch's and Buderus' distribution channels also complement each other well. There are no plans to change the policy regarding the distribution channels for the two major brands, Buderus and Junkers, in Germany, but significant additional market opportunities arise at the European distribution level. Outside Europe, for example, in Asia, South America, and North America, Buderus' German, Dutch, and British plants would swiftly gain access to Bosch's existing distribution network, thereby developing additional market shares.

Bosch currently holds a 17.4% stake in Buderus. Bosch secured a further 30.02% by virtue of a share purchase agreement with Bilfinger Berger AG. At the time of this writing, the offer was on the table until June 13.