US ATM maker Diebold is in talks about a possible acquisition of its troubled German rival Wincor Nixdorf , sources with knowledge of the negotiations say.
Wincor is being advised by Goldman Sachs and Diebold by JP Morgan, one source
added, confirming a report by the Frankfurter Allgemeine Zeitung (FAZ) newspaper earlier on Tuesday. Goldman Sachs and JP Morgan declined to comment.
A Diebold spokesman declined to comment on “rumours and speculation”, while nobody from Wincor Nixdorf, which has a market capitalisation of €1.1 billion ($1.24 billion), was immediately available to comment.
In a separate statement Wincor Nixdorf says: “According to the management team, keeping Wincor Nixdorf independent is the best course of action to create customer, shareholder and employee value. “We are not in merger or acquisition negotiations.”
In April the German firm outlined plans to lay off 500 staff and shift manufacturing to cheaper Asian markets after reporting a 50% drop in profit for the first half of the year.
“We have initiated the restructuring program with the clear goal to preserve Wincor Nixdorf’s autonomy,” says this week’s statement.