FORM 6-K
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Report
of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For the month of June 2006
GEMPLUS INTERNATIONAL S.A.
(Exact name of registrant as specified in its charter)
GEMPLUS INTERNATIONAL S.A.
(Translation of registrants name in English)
46A, Avenue J.F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F þ Form 40-F o
(Indicate
by check mark whether the registrant by furnishing the information
contained in
this form is also thereby furnishing the information to the
Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes o No þ
TABLE OF CONTENTS
Creation
of Gemalto
and launch of the public exchange offer for Gemplus shares
Gemalto becomes operational with this new step in the combination
of Axalto and Gemplus
Amsterdam and Luxembourg, June 2, 2006 Axalto (Euronext NL0000400653 AXL) and Gemplus
International S.A. (Euronext: LU0121706294 GEM and NASDAQ: GEMP) announce that the contribution
in kind to Axalto of the interests in Gemplus of TPG and the Quandt family entities, 25.2% and
18.3% respectively, in aggregate 43.4% of Gemplus share capital, has been completed today on the
basis of an exchange ratio of 2 Axalto shares for every 25 Gemplus shares. Prior to the
contribution in kind, Gemplus had initiated the distribution of 0.26 per share to all its
shareholders of record as at todays market close.
Further to these actions, Axalto changed its name to Gemalto. This transaction represents the
creation of a new world leader in digital security, with 2005 pro forma revenues of approximately
1.7 billion (US$2.2 billion), operations in 120 countries, large operational centers in the Paris
and Marseille areas, and 11,000 employees including 1,500 R&D engineers.
Gemalto will launch a voluntary public exchange offer for the remaining Gemplus shares at the same
exchange ratio of 2 Gemalto shares for every 25 Gemplus shares. An offering circular for the offer
has been filed with the French stock market authority, the Autorité des Marchés Financiers in
Paris. The Board of Directors of Gemplus has recommended that Gemplus shareholders tender their
shares to the public exchange offer.
After further review, Axalto and Gemplus have reconfirmed their initial estimate of the synergies
arising from this transaction, expected to amount to 85 million (US$100 million) per year on a
fully-phased basis. This represents almost 70% of Gemaltos pro forma 2005 operating income.
Axalto and Gemplus have worked together since the merger announcement in December 2005 to develop a
detailed, structured program to allow a rapid and efficient integration process. In particular, the
companies are ready to operate immediately under a single brand, have defined a joint
customer-facing sales team and elaborated a go-to-market strategy aiming to minimize possible sales
attrition. Consistent with this program, purchasing is ready to be pooled as from day one, with
significant positive effects expected in the first quarters following the completion of the
contribution in kind. The first two levels of management of Gemalto have already been announced and
become effective immediately, concerning over 150 executives from Axalto and Gemplus, and the next
level of management will be announced in the coming days. A full review of the Gemalto
cross-functional business and supporting processes is expected to be completed before the end of
the third quarter of 2006.
Olivier Piou, CEO of Gemalto commented: This is a very special day for us. Gemalto represents a
true merger of equals, a meeting of minds and people dedicated to building a world-class leader in
digital security. Our unique combination creates a compelling platform to capture future industry
growth, one that will benefit our clients, our employees and our shareholders. Each and every one
of us is now fully focused on delivering on Gemaltos vision and ambition.
Alex Mandl, Gemaltos Executive Chairman said: A major priority of the Board and management of
Gemalto will be to achieve the successful and rapid integration of the two companies that preserves
the key strengths of the culture, management and business practices of each and allows the
efficient realization of the expected synergies.
A conference call will take place today at 3:30 PM Paris time (2:30 PM GMT and 9:30 AM New York
time) in English only.
Dial-in:
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France
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+33 (0)1 70 99 42 80 |
UK
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+44 (0)20 7138 0835 |
US
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+1 718 354 1172 |
A replay will be available at the following numbers, its access code is 1524342# :
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France
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+33 (0)1 71 23 02 48 |
UK
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+44 (0)20 7806 1970 |
US
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+1 718 354 1112 |
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Corporate Media Relations
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Senior Vice-President, Corporate Communications |
Emmanuelle SABY
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Rémi CALVET |
M.: +33(0) 6 09 10 76 10
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M.: +33(0) 06 22 72 81 58 |
esaby@axalto.com
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remi.calvet@gemplus.com |
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Investor Relations |
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Stéphane BISSEUIL |
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T.:+33(0) 1 55 01 50 97 |
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M.:+33(0) 6 86 08 64 13 |
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sbisseuil@axalto.com |
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TBWA \ CORPORATE
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Edelman Paris |
Emlyn KORENGOLD
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Frédéric BOULLARD |
T.: +33(0) 1 49 09 66 51
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T.: +33(0) 1 56 69 73 95 |
M.:+33(0) 6 08 21 93 74
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frederic.boullard@edelman.com |
emlyn.korengold@tbwa-corporate.com |
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Important Information
This communication does not constitute an offer to purchase or exchange or the solicitation of an
offer to sell or exchange any securities of Axalto Holding N.V. (Axalto) or an offer to sell or
exchange or the solicitation of an offer to buy or exchange any securities of Gemplus International
S.A. (Gemplus).
The exchange offer described above will not be made, directly or indirectly, in or into Australia,
Canada or Japan or in or into any other jurisdiction in which such offer, solicitation, sale or
exchange would be unlawful prior to the registration or qualification under the laws of such
jurisdiction. Accordingly, persons who come into possession of this communication should inform
themselves of and observe these restrictions.
Holders of Gemplus securities in France are requested to refer, if and when filed by Axalto, to the
prospectus (note dinformation) that would be available on the website of the AMF
(www.amf-france.org).
Notice to US investors
Any solicitation of offers to buy any Gemplus shares in the United States in the exchange
offer will only be made pursuant to a prospectus/offer to exchange and related offer materials that
Axalto expects to make available to holders of Gemplus securities. Investors and security holders
are strongly advised to read, when they become available, the prospectus/offer to exchange and
related exchange offer materials, as well as any amendments and supplements to those documents
because they will contain important information.
The Axalto securities referred to herein that will be issued in connection with the exchange offer
have not been, and are not intended to be, registered under the U.S. Securities Act of 1933 (the
Securities Act) and may not be offered or sold, directly or indirectly, into the United States
except pursuant to an applicable exemption. The Axalto securities are intended to be made
available within the United States in connection with the exchange offer pursuant to an exemption
from the registration requirements of the Securities Act.
Gemplus International S.A.
The exchange offer will relate to the securities of a non-U.S. company and will be subject to
disclosure requirements of a foreign country that are different from those of the United States.
Financial statements included in the prospectus/offer to exchange will be prepared in accordance
with foreign accounting standards that may not be comparable to the financial statements of United
States companies.
It may be difficult for you to enforce your rights and any claim you may have arising under
U.S. federal securities laws, since Axalto and Gemplus have their corporate headquarters outside of
the United States, and some or all of their officers and directors may be residents of foreign
countries. You may not be able to sue a foreign company or its officers or directors in a foreign
court for violations of the U.S. securities laws. It may be difficult to compel a foreign company
and its affiliates to subject themselves to a U.S. courts judgment.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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GEMPLUS INTERNATIONAL S.A.
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Date: 2 June, 2006 |
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By: |
/s/ Frans SPAARGAREN
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Name: |
Frans SPAARGAREN |
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Title: |
Chief Financial Officer |
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