VEENENDAAL, Netherlands (14 January 2000) -- On 14 January the management of Axa Stenman Industries NV announced that they are negotiating the takeover of the Danish Basta Group A/S. Because it is listed on the Amsterdam stock exchange, Axa is required to announce publicly potential takeovers.
Axa Stenman Industries NV is a Dutch manufacturer of locks and lightning products for bicycles and construction hardware. The company, headed by Cees Oosterhoorn, also operates a production facility in Poland. Turnover in 1998 amounted almost NLG95 million (US$45mn). The company employs some 315 people.
The Danish Basta Group A/S was formed in 1998 as a split off from Marwi International A/S. Through a management buy-out, former Marwi managers Lars-Erick Wulff and Peter Thorsen became 100% owners of the Danish (bicycle locks; 50 employees) and French (lightning products for bicycles; 180 employees) factories. The Basta Group A/S is distributing its products under the Basta brand. (JO)