Pelikan International Corp Bhd, which had proposed to take over Frankfurt Stock Exchange-listed Herlitz AG, managed to secured only an additional 3.38% or 368,611 shares, when the offer closed on Tuesday, April 6 2010.

Including the Herlitz shares acquired pursuant to the proposed acquisition, Pelikan owns 7.56 million shares or 69.37% of Herlitz. Accordingly, the proposals are deemed completed.

To recap, in early November 2009, Pelikan signed a deal with Stationery Products SARL, a unit of Advent International, to acquire a 66% stake in Herlitz together with a Falkensee Logistics Centre for ?45 million (RM228 million) cash.

Pelikan was also obliged to make a voluntary general offer (VGO) for the 34% stake in Herlitz its does not own.

The price would be determined based on Herlitz?s three-month average weighted share price, which was around ?1.85 per share. This meant that a successful VGO would result in an additional ?7 million, which would bring the final price tag to ?52 million.

Pelikan had expected to see cost savings of over RM100 million from its proposed acquisition of Herlitz AG enroute to achieving its target of ?1billion (RM5.06 billion) in turnover in 2012.

Pelikan is a manufacturer and distributor of writing instruments, school stationery, art and hobby products, office supplies and printer consumables.