Schiesser, the German underwear company, has canceled the stock market launch it had scheduled for the second quarter of this year, after it agreed to a takeover by Delta Galil Industries, a larger rival based in Israel. Schiesser is just starting to regain some strength after going into receivership in 2009 and completing an intense restructuring plan. Worth €68 million, the deal with Delta Galil will enable the German company to pay all its creditors. Delta Galil is an international group with sales of about $700 million and, with Schiesser, its turnover will inflate to about $900 million. Schiesser said that it had opted for a strategic takeover by Delta Galil, because the tie-up would enable it to expand faster. The German group will continue to be run independently under its current management.

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