Metair closer to 100% ownership of Turkish battery manufacturer
South African automotive components manufacturer Metair Investments was one step closer to acquiring 100% of Turkish battery manufacturer Mutlu Akü through its Metair Akü subsidiary, it said on Thursday.
The JSE-listed company acquired a 75% interest in Mutlu Akü for R2.17-billion in October 2013 and, in February 2014, launched a mandatory tender offer to buy out minority shareholders.
Mutlu Akü had accepted applications from minority shareholders willing to exercise their sell rights between November 12, 2014, and February 12, raising Metair Akü’s stake to 99%.
Mutlu Akü applied to the Capital Markets Board of Turkey on February 16 to implement the squeeze out of the remaining minority shareholders.
Upon the conclusion of this process, Metair Akü would acquire the remaining shares in Mutlu Akü.
In an earlier statement, Metair MD Theo Loock said the Mutlu Akü acquisition had transformed Metair into a key player in the Europe, Middle East and Africa region. “This strengthens our relevance to our original-equipment manufacturer client base, while, at the same time, [providing] us access to a very attractive and growing aftermarket segment,” he said.
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