Quebecor World Will not Proceed With the Sale of its European Assets
13 Diciembre 2007 - 8:08AM
Marketwired
MONTREAL, CANADA (NYSE: IQW) announced today that it will not be
proceeding with the sale of its European business to RSDB NV due to
the lack of support of the transaction from RSDB's shareholders. As
previously announced, the Share Purchase and Implementation
Agreement was agreed to by both RSDB's Management and Supervisory
Boards but was conditional upon the approval of RSDB's
shareholders. Notwithstanding the outcome of today's vote by RSDB's
shareholders, Quebecor World continues to believe that the overall
terms of the transaction represented fair value for all affected
stakeholders. The Company will continue to actively explore its
strategic options for its European operations, including
consolidation opportunities and other initiatives to enhance
value.
"While we believed this transaction represented an important
consolidation opportunity for the European industry, our European
business remains a leader, with one of the most extensive and
technologically advanced pan-European platforms," said Wes Lucas,
President and CEO Quebecor World. "Our customers will continue to
receive top quality, on-time products and services each and every
day as we are fortunate to have some of the most skilled and
dedicated people in the industry."
The Company is currently evaluating and implementing a variety
of options that should compensate for the sale proceeds that will
no longer be realized as a result of this transaction not
proceeding, including the implementation of new accounts receivable
financing programs in Europe.
Moreover, Quebecor World's management and Board of Directors,
together with its independent financial advisor, continue to
actively explore and evaluate financing and other alternatives to
further strengthen the Company's balance sheet and liquidity. While
recent external market conditions have been challenging, the
Company's completed retooling and turn-around plan are generating
improvements and have contributed to ensuring the Company's
continued positive operating cash flow.
Forward looking statements
This press release may include "forward-looking statements" that
involve risks and uncertainties. All statements other than
statements of historical facts included in this press release,
including statements regarding the prospects of the industry and
prospects, plans, financial position and business strategy of
Quebecor World Inc. (the "Company"), may constitute forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and Canadian securities legislation
and regulations. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"will," "expect," "intend," "estimate," "anticipate," "plan,"
"foresee," "believe" or "continue" or the negatives of these terms
or variations of them or similar terminology. Although the Company
believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that these
expectations will prove to have been correct. Forward-looking
statements do not take into account the effect that transactions or
non-recurring or other special items announced or occurring after
the statements are made have on the Company's business. For
example, they do not include the effect of dispositions,
acquisitions, other business transactions, asset writedowns or
other charges announced or occurring after forward-looking
statements are made.
Investors and others are cautioned that undue reliance should
not be placed on any forward-looking statements. For more
information on the risks, uncertainties and assumptions that could
cause the Company's actual results to differ from current
expectations, please refer to the Company's public filings
available at www.sedar.com, www.sec.gov and www.quebecorworld.com.
In particular, further details and descriptions of these and other
factors are disclosed in the "Risks and Uncertainties related to
the Company's business" section of the Company's Management's
Discussion and Analysis for the year ended December 31, 2006, and
the "Risk Factors" section of the Company's Annual Information Form
for the year ended December 31, 2006.
The forward-looking statements in this press release reflect the
Company's expectations as of December 13, 2007 and are subject to
change after this date. The Company expressly disclaims any
obligation or intention to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by the applicable securities
laws.
About Quebecor World
Quebecor World Inc. (TSX: IQW)(NYSE: IQW) is a world leader in
providing high-value, complete marketing and advertising solutions
to leading retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers. The Company
is a market leader in most of its major product categories, which
include advertising inserts and circulars, catalogs, direct mail
products, magazines, books, directories, digital premedia,
logistics, mail list technologies and other value-added services.
Quebecor World has approximately 27,500 employees working in more
than 120 printing and related facilities in the United States,
Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia,
Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland
and the United Kingdom.
Web address: www.quebecorworld.com
Contacts: Quebecor World Inc. Tony Ross Vice President,
Communications 514-877-5317 800-567-7070 Quebecor World Inc. Roland
Ribotti Vice President, Investor Relations and Assistant Treasurer
514-877-5143 800-567-7070
Quebecor World (NYSE:IQW)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Quebecor World (NYSE:IQW)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024