ASSLAR (dpa-AFX) - Vacuum pump manufacturer Pfeiffer Vacuum has concluded a domination and profit transfer agreement with its major shareholder Pangea. Pfeiffer Vacuum's Supervisory Board has approved the transaction, the SDax-listed company announced Tuesday in Aßlar, Hesse. However, shareholders still have to approve the deal at the annual general meeting on May 2. In addition, the shareholders' meeting on April 28 must give its consent.

According to the information, Pangea currently holds 62.7 percent of the shares in Pfeiffer Vacuum, while its parent Busch owns just under another percent. Pangea intends to offer minority shareholders a cash compensation of €133.07 per share. The domination and profit transfer agreement also provides for an annual compensation payment for outside shareholders of €7.93 gross per share.

The agreement is intended to "simplify the already close cooperation" between Pfeiffer and Pangea's parent company, the Busch Group, and to "improve the exchange of information within the Group." The two companies have reportedly already been working together since 2019 on procurement as well as IT, sales and research and development.

The Busch Group is a global manufacturer of vacuum pumps, blowers and compressors. Based in Maulburg, Baden-Württemberg, the company was founded in 1963. The family-owned company Busch employs more than 3800 people worldwide./ngu/jha/