LONDON (Oct. 9)—Apax Partners & Co. has withdrawn its bid to acquire Mannesmann Plastics Machinery A.G. from Siemens A.G. A contract signed between the firms in July has been terminated by mutual agreement, according to a statement from Apax. Under the contract, Apax's acquisition of MPM was to have been carried out through a newly created company, Newco, which was financed by a combination of equity and bank debt, Apax said. "MPM's forecast profits have been reduced dramatically since exchange of contracts three months ago. Therefore the conditions precedent to bank borrowing by Newco could not be met," the London-based equity firm said. Siemens was fully aware of these conditions and of their purpose prior to signing the contract with Newco in July, Apax said. MPM's holdings include rubber extruder maker Berstorff and polyurethane processing equipment maker Krauss-Maffei.
Apax withdraws Mannesmann bid
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