Motherson Sumi to pay 141.5 million euros for Peguform buy
18 Jul 2011
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Indian auto components-maker Motherson Sumi Systems Ltd (MSSL) will pay a total of 141.5 million euros (about Rs 890 crore) to acquire the 80-per cent stake in Germany's Peguform Group.
"The total share consideration for this transaction is 141.5 million euros, of which MSSL's share shall be 72.165 million euros (about Rs 450 crore)," MSSL said in a statement.
MSSL had announced the acquisition last Wednesday, but did not provide any financial details at that time (See: Motherson Sumi to acquire 80-% stake in Germany's Peguform). The acquisition is being done jointly with another group firm, Samvardhana Motherson Finance. http://www.domainb.com/industry/auto_ancillaries/20110713_peguform.html
A special purpose vehicle has been formed for the acquisition, in which MSSL will hold a 51-per cent stake and Samvardhana Motherson Finance the remaining 49-per cent stake, it added.
MSSL, the world's largest maker of rear-view mirrors, would buy a majority stake in German Peguform Group from Cross Industries, which would retain 20 per cent holding.
The firm will fund the deal through overseas loans and has appointed ICICI Bank as the lead arranger. The deal is expected to be completed by the end of September, 2011.
The acquisition would include 50 percent holding in Wethje Carbon Composite, which is a part of Cross Industries.
Peguform is a supplier of interior and exterior products for the automotive and related industries. It also into manufacturing of bumper systems, plastic components for vehicle exteriors, vehicle cockpits, dashboards and vehicle interior trims.
MSSL has Rs500 crore rupee outlay for FY12, which would be used to commission four plants in India and one each in South Africa and Hungary in 2011. Its unit SMR will commission a mirror plant each in Brazil and Thailand by end-2012.
"The total share consideration for this transaction is 141.5 million euros, of which MSSL's share shall be 72.165 million euros (about Rs 450 crore)," MSSL said in a statement.
MSSL had announced the acquisition last Wednesday, but did not provide any financial details at that time (See: Motherson Sumi to acquire 80-% stake in Germany's Peguform). The acquisition is being done jointly with another group firm, Samvardhana Motherson Finance. http://www.domainb.com/industry/auto_ancillaries/20110713_peguform.html
A special purpose vehicle has been formed for the acquisition, in which MSSL will hold a 51-per cent stake and Samvardhana Motherson Finance the remaining 49-per cent stake, it added.
MSSL, the world's largest maker of rear-view mirrors, would buy a majority stake in German Peguform Group from Cross Industries, which would retain 20 per cent holding.
The firm will fund the deal through overseas loans and has appointed ICICI Bank as the lead arranger. The deal is expected to be completed by the end of September, 2011.
The acquisition would include 50 percent holding in Wethje Carbon Composite, which is a part of Cross Industries.
Peguform is a supplier of interior and exterior products for the automotive and related industries. It also into manufacturing of bumper systems, plastic components for vehicle exteriors, vehicle cockpits, dashboards and vehicle interior trims.
MSSL has Rs500 crore rupee outlay for FY12, which would be used to commission four plants in India and one each in South Africa and Hungary in 2011. Its unit SMR will commission a mirror plant each in Brazil and Thailand by end-2012.
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