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Leica Sinar buy-out stopped
At Photokina earlier this year Leica made a surprise announcement that they had purchased the controlling share (51%) in Sinar from Jenoptik. In a rather strange twist to this story Jenoptik has today announced that it is now rescinding the sale of the shares to Leica and that they will maintain the controlling share of the company. The press release issued states that this will not affect the working relationship between Leica and Jenoptik, the later of whom were responsible for some of the image processing for the new M8 digital rangefinder.
The Jenoptik Group Press Release
51 percent of the shares in Sinar remain with JenoptikJena, 13. December 2006 The Jenoptik Group rescinds the sale of its 51 percent of the shares in Sinar AG to Leica Camera AG.
The sale of the Sinar shares to Leica Camera AG had been agreed and published at short notice at Photokina in Cologne at the end of September 2006. The transfer of the shares to Leica Camera AG was subject to contractual conditions which have not been fully completed to date. By rescinding from the contract, Jenoptik intends to avert damage from Sinar AG due to unclear ownership structures. Jenoptik reserves the right to assert against Leica Camera AG claims for damage resulting from the failed sale. At present, other business relations between Jenoptik and Leica Camera AG are not effected by today's decisions.
The measure was supported by the market success of the new Hy6 medium-format camera for professional photographers, which Jenoptik developed in conjunction with partners, amongst others Franke & Heidecke. This camera, to which experts give excellent marks, was presented by Jenoptik at this year's Photokina for the first time. It will be distributed in the market also by Sinar, as had originally been planned. This means that Sinar will remain part of the activities in the digital imaging area of the Jenoptik Group.