German engineering major Robert Bosch GmbH has made an open offer to buy 20 per
cent more in Motor Industries Co. Ltd (Mico) at Rs 4,000 (72 euros) a share.
offer price is a 16.8 per cent premium to Motor Industries'' Thursday closing price
of Rs 3, 424.80 on the Bombay Stock Exchange.
which already owns 60.55 per cent in Mico, now seeks to raise that stake further
"to create a more attractive platform for sharing of technology and realising
operational synergies through closer cooperation and alignment between the organisations,"
the company said in an advertisement.
want to increase our share in Mico to approximately 80 percent in order to further
strengthen our long-term commitment to the Indian market,'' chief executive Franz
offer opens on June 20 and will close on July 9.
the world''s leading auto part company, has been active on the Indian market for
80 years and has made the Indian and Chinese
markets a priority in the years ahead.
which employs more than 10,000 people, achieved sales last year of Rs3780 crore.
The company makes various parts, including components for diesel engines, starters