Sauer-Danfoss (SHS) Elects Board Members at Annual Meeting; Danfoss A/S Acquires Controlling Interest

July 11, 2008 4:45 PM EDT

The stockholders of Sauer-Danfoss Inc. (NYSE: SHS) elected ten members to its Board of Directors at the 2008 annual meeting of stockholders. At the meeting, five new directors were elected to the Board. David J. Anderson, President and Chief Executive Officer, was appointed a nonvoting Executive Director and Co-Vice Chairman.

Sauer-Danfoss Inc. also announced that Danfoss A/S has closed its purchase of a controlling interest in Sauer-Danfoss Inc. from Sauer Holding GmbH, a company owned by members of the Klaus Murmann family. Danfoss A/S now controls more than 50% of the outstanding common stock of Sauer-Danfoss Inc. In addition, Sauer Holding GmbH has granted Danfoss A/S call options, and Danfoss A/S has granted Sauer Holding GmbH put options, exercisable during 21-day periods in August 2009 and August 2011, pursuant to which Danfoss A/S may purchase the remaining shares of Sauer-Danfoss Inc. stock owned by Sauer Holding GmbH.

Sauer-Danfoss Inc. develops, manufactures and markets advanced systems for the distribution and control of power in mobile equipment. [SM]

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