Manitou simplifies and confirms family ownership
By Murray Pollok11 February 2011
Manitou has simplified its ownership structure with the Braud and Himsworth families retaining their majority shareholdings but removing the jointly owned SFERT holding company.
Under the negotiated ‘family protocol', the €47 million net assets of the 50/50 Braud/Himsworth holding company SFERT have been transferred to Manitou, with the 42% SFERT shareholding reallocated to the Braud and Himsworth families.
Manitou said the simplified structure would stabilise the family shareholdings and make it easier to transfer ownership to younger generations of the families.
After the reorganisation, the Braud family holds a 31.9% stake in the business and the Himsworth family a 33.6% share. This joint 65.5% share is a couple of percentage points more than the total family holding before the reorganisation, but is essentially the same.
The family shareholders said in a statement; "This protocol is the outcome of several years of discussions between all family members, and represents an important breakthrough 18 months after the change of governance. It confirms the fundamental relationship between Manitou and the founding family, and organises it for our common future."
The Himsworth shareholding is held by Jacqueline and Gordon Himsworth - of which 5% is held through a family holding company Ancemat - while the Braud holding is owned by Marcel Braud and a family holding company, HB.
Manitou is now consulting with its employees about the changes and aims to formally approve the merger treaty between SFERT and Manitou in March.