In what it says is a purely administrative move, the French-Anglo software house Sema Group Plc is to merge its two German subsidiaries, which it picked up with its purchase of ADV/Orga FA Meyer AG of Wilhemshaven early in 1991. The long-standing Sema Group GmbH German subsidiary will buy Sema Group Systems AG, formerly ADV/Orga. Both subsidiaries have a defence business, and the company wants to present a single front to customers. There are minority shareholders in Sema Group AG to be bought out, and a Price-Waterhouse evaluation commissioned by Sema Group put the value of Sema Group AG’s shares at only DM70, for a total of $13m. But the shares are trading in Frankfurt at an average price of DM 100, so Sema GmbH is offering the minority shareholders, who hold 29%, DM150 a share – more than double the 13m valuation. The proposal will be submitted to Sema Group AG shareholders at an extraordinary meeting on December 22.
