SKion, the investment vehicle by which majority owner Susanne Klatten is attempting to take German speciality chemicals giant Altana back into private ownership, has moved a step closer by acquiring 95.04% of the shares. As a result, it has asked Altana to convene a shareholders meeting, as required by § 327a Section 1 of the German Stock Corporation Act, so that the rest can be squeezed out.

SKion originally offered €13/share in November 2008, which the management and supervisory boards both recommended. This achieved 91.7% acceptance but, to overcome resistance in some quarters, the offer was increased to €14/share on 9 November for acceptance by 14 December. Following further acceptances and other purchases, the 95% threshold was crossed in late January.

In recommending the revised offer, the two boards said that they considered it “appropriate”, in view of such factors as historical stock exchange prices, published analyst estimates and a company valuation by an audit firm. They also welcomed SKion’s assurance that it does not plan to change the firm’s business model or strategic goals.

Klatten, who is vice-chair of Altana’s supervisory board, is reputedly Germany’s richest woman. As well the Altana stake, she inherited 12.5% of BMW from her late father, the industrialist Herbert Quandt. She was instrumental in selling Altana Pharma to Denmark’s Nycomed for €4.5 million in 2006, turning the company into a pure chemicals player.

Altana owns four main businesses: the BYK Additives & Instruments division; Eckart, which makes effect pigments; Elantas, which is active in electrical insulation; and, Actega in coatings and sealants. Many of its activities have been badly affected by the downturn in customer industries.

Provisional unaudited sales in 2009, the company subsequently reported, were 12% down on 2008 at €1,182 million (or 15% down before currency effects are factored in), while EBTIDA was 16% down at €204 million, though rapidly implemented efficiency measures meant that the EBITDA margin was only slightly down to 17.3%. EBIT was €39 and net income was €11 million.

The company said that this was all “due to the effects of the economic crisis” and in spite of “a pronounced upturn in business” in 2H. The crisis was felt in all regions, with Europe (17% down) worst hit, followed by the Americas (12% down). Asia (2% down) was much more stable and 2H saw significant growth, particularly in China.

Actega was almost stable but BYK’s sales were 7% down, Elantas 16% down and Eckart 20% down. The 2H recovery came late and sluggishly at Eckart, which is mainly dependent on the automotive industry, and the company had to take extraordinary impairments of property, plant and equipment and goodwill totalling €77 million

“Altana has managed the worldwide economic crisis comparatively well, thanks to resolute counter-measures and the joint efforts and commitment of all those involved,” claimed CEO Dr Matthias L. Wolfgruber. He added that 2010 should be better but many uncertainties remain and it will certainly take at least until 2011 for the company to get back to where it was before the crisis.