Published: 16-03-2020 08:59
Stern Group N.V., listed Dutch mobility group in automotive retail and services, announces that the merger talks with Hedin Automotive have been suspended indefinitely due to the Corona crisis.
Due to the Corona crisis both CEO’s decided this weekend to focus all attention on their own companies. The merger process, which was already at an advanced stage, will be suspended until the impact of the Corona crisis has passed. Last week, Stern had already taken a number of necessary measures to protect the solid balance sheet and liquidity position of the company, that was clearly enhanced by the divestments and substantial book gains of 2019. The measures taken include an investment freeze and a reduction in inventory and additionally any further cost savings that do not affect the core of the company.
As we have been working for quite some time strengthening the company, making it more flexible and modern, we believe Stern is in a good position to cope with this Corona crisis.