Eaton's Tender Offer For Senyuan International Holdings Closes
CLEVELAND ... Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) confirmed today that its voluntary general offer for the shares of Senyuan International Holdings Limited (HKSE:3333), a Hong Kong Stock Exchange listed company, closed for acceptances as of Friday, October 6. Eaton received acceptances from the holders of more than 304 million shares, representing approximately 99.7 percent of the issued share capital of Senyuan.
Having reached the required level of share acceptances, Eaton intends to apply the provisions of applicable law to acquire any Senyuan shares not tendered in the offer and to apply for a de-listing of the shares from the Hong Kong Stock Exchange.
Senyuan's wholly owned subsidiary, Changzhou Senyuan Switch Co., Ltd., is a well-established manufacturer of vacuum circuit breakers and other electrical switchgear components in the People's Republic of China. The company had 2005 sales of RMB 374 million or U.S. $47 million. It is based in Changzhou, Jiangsu Province, and has 530 employees.
Eaton Corporation is a diversified industrial manufacturer with 2005 sales of $11.1 billion. Eaton is a global leader in electrical systems and components for power quality, distribution and control; fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. Eaton has 60,000 employees and sells products to customers in more than 125 countries.
Kelly Jasko, manager, External Communications
Colman Chiu, DBS Asia Capital
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