25.11.2013
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DGAP-News: Weng Fine Art AG buys 5.33% stake in Online Pioneer Artnet
DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous
Weng Fine Art AG buys 5.33% stake in Online Pioneer Artnet
25.11.2013 / 09:30
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PRESS RELEASE | 25 NOVEMBER 2013
Weng Fine Art AG buys 5.33% stake in Online Pioneer Artnet
As part of its e-commerce strategy, Weng Fine Art AG (WFA) has built up a
5.33% stake in New York and Berlin based Artnet AG. The majority of the
shares were acquired on November 14 from the remaining stock of former
Artnet shareholder Artis in California, which WFA could buy at a price of
EUR1.65 per share. WFA acquired additional shares on the Frankfurt stock
exchange and currently holds 300.000 Artnet shares. Through this
acquisition, WFA becomes the largest art market related shareholder in
Artnet aside from its founder Hans Neuendorf.
Artnet is currently representing the best value of all art online
companies. 'Despite its poor capital base and its past problems, Artnet
still holds the largest revenue and the most far-reaching brand in the
online art market,' said WFA CEO, Rüdiger K. Weng, of the strategic
importance of this transaction: 'Our investment in Artnet represents the
perfect start of our strategic portfolio in the art e-commerce industry.
These participations and partnerships will provide support to our own
e-commerce activities, which will become an important part of the WFA
business in the coming years.'
Provided favorable opportunities arise again, WFA will increase its
shareholding in Artnet. A control or takeover of Artnet is currently not
part of the plan of Weng Fine Art - but rather to strengthen the
collaboration with Artnet in certain segments of its business.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com) is one of the most dynamic and
financially strongest art dealerships on the European continent. The
company focuses on works of internationally renowned artists from the 20th
century and, in its core business, exclusively supplies commercial
addresses (B2B) - among them the leading auction houses, dealerships and
galleries. The expertise and market positioning gained over nearly 20 years
serves as a basis for new business segments such as auctions, e-commerce
and art consulting. Weng Fine Art AG shares are traded on the Frankfurt
Stock Exchange since 2 January 2012.
CONTACT
Weng Fine Art AG
Kimplerstr. 294 | D-47807 Krefeld | Germany
Phone +49(0)2151 93713-0 | Fax +49(0)2151 93713-29
E-Mail [email protected] | Internet www.wengfineart.com
End of Corporate News
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25.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Weng Fine Art AG
Kimplerstraße 294
47807 Krefeld
Germany
Phone: 02151 937130
Fax: 02151 93713-29
E-mail: [email protected]
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Frankfurt in Open Market (Entry Standard)
End of News DGAP News-Service
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