Apple negotiates the takeover of German manufacturer Loewe AG, which produces and distributes HD TVs, audio components and integrated systems for entertainment. An official announcement will be made at the end of this week, according to sources close to negotiations, cited yesterday by AppleInsider. According to sources cited, although a decision was not yet made, Loewe’s financial adviser advised the company management to accept the offer, and a final decision was “scheduled to be announced internally before May 18, 2012”.
The same sources say that Apple has offered €87.3 million ($112.8 million) to acquire the German manufacturer. Loewe’s main shareholders are Sharp (which is said to be supplying panels for Apple’s new TV sets), with a stake of 28.83%, and LaCie, with 11.17%. AppleInsider could not verify the information from another source, but claims that the U.S. giant has been interested for a long time to produce high quality TVs and acquisition of the German company can be the first step in this direction.
The German company Loewe AG entered the market of TV manufacturers in 1929 and currently has 1,000 employees in 50 countries. Despite economic difficulties, the company continued to produce high quality television sets aimed at a luxury market. Loewe’s sales fell 11% last year, generating a loss before taxes and interest of over €10 million on sales of 274 million euros. Earlier this year, the company announced a gain in 2012 sales, due to higher interest of buyers in premium products that the company manufactures.
Apple, on the other hand, is interested to develop a high quality audio technology, along with HD television market that will soon enter. And in order to put into practice Apple’s plans, the German company Loewe appears to be the best, writes AppleInsider. Loewe AG denied today an Apple buyout as a company spokesperson said that yesterday’s report from AppleInsider has “absolutely nothing to it”.
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