MUNICH (dpa-AFX) - BayWa AG (BYWG), a German trading, logistics, and supplementary services provider, said that it has reached an agreement with its primary financing partners and major shareholders, Bayerische Raiffeisen-Beteiligungs-AG and Raiffeisen Agrar Invest AG, on a detailed transformation concept and the content of a long-term restructuring agreement extending until 2027, along with additional agreements.
As part of the transformation concept, a cash capital increase with subscription rights with a volume of 150 million euros is to be implemented. The two major shareholders have undertaken to back-stop this volume. The details are to be finalised in the first quarter of 2025.
The legally binding conclusion and entry into force of the restructuring agreement and the conclusion and entry into force of financing agreements for the reorganisation of financing until the end of 2027 are expected by the end of April 2025 at the latest.
In addition, the existing standstill agreements were extended until 30 April 2025.
BayWa AG, along with its wholly-owned subsidiaries BayWa Austria Holding GmbH and BayWa Pensionsverwaltung GmbH, announced the sale of its 47.53% stake in Austrian company RWA Raiffeisen Ware Austria AG (RWA AG) and an additional share held by BayWa PensionsVw to a company affiliated with their co-shareholder, RWA Raiffeisen Ware Austria Handel und Vermögensverwaltung eGen.
The purchase price is 176 million euros, of which 26 million euros will be used, after distribution to BayWa AG, to discharge a liability of an equivalent amount from a loan granted by RWA AG to BayWa AG.
RWA Raiffeisen Ware Austria Handel und Vermogensverwaltung eGen already holds 49.99% of RWA AG and the majority of shares in Raiffeisen Agrar Invest AG, which holds a 28.3% stake in BayWa AG.
The sale is expected to be completed by the end of the first quarter of 2025.
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