Diebold Nixdorf is merging its German subsidiary into Diebold Nixdorf Holding Germany Inc. & Co. KGaA (Diebold KGaA), a wholly owned direct subsidiary. The process includes a squeeze-out of the remaining minority shareholders of the unit, Diebold Nixdorf AG. As a result of the merger squeeze-out, Diebold Nixdorf AG will be eliminated as a separate corporate entity and the listing of its shares on the Frankfurt Stock Exchange will be terminated. When complete, the company will no longer be required to pay annual dividends to minority shareholders or be saddled with the administrative burdens relating to operating a German public company. “As previously announced, we are taking decisive steps to reduce cost and complexity in our business,” Diebold Nixdorf CEO Gerrard Schmid said. “This step represents an important and final milestone in the acquisition of Wincor Nixdorf and further simplifies the structure of our company, eliminating annual cash expenditures, which previously totaled more than $20 million per year. At least $13 million of these cash expenditure reductions have been realized in 2018 based on minority shares tendered to date this year.” Diebold KGaA currently owns approximately 28 million shares, or 94 percent, of Diebold Nixdorf AG.
