Manz surges as Daimler Truck buys stake under new partnership
23/05/2022 13:19
** Shares of Manz M5ZG.DE soar 19.3% after Daimler Truck
DTGGe.DE acquires a stake in the German engineering firm as
part of a strategic partnership urn:newsml:reuters.com:*:nASM000CUX
** Manz says Daimler Truck DTEGGe.DE will buy a 9% stake
in the company for 30.6 million euros ($32.7 million) to join
forces in the area of battery production urn:newsml:reuters.com:*:nL5N2XF2J2
** In connection to the agreement, Manz M5ZG.DE resolves
cash capital increase without subscription rights in the amount
of around 10% of share capital urn:newsml:reuters.com:*:nASM000CUS
** "The strategic cooperation with Daimler Truck as one of
the world's largest commercial vehicle manufacturers reflects
our strong position as an innovation driver and technology
leader in the field of lithium-ion battery production," Manz CEO
Martin Drasch says
** The stock, down 7.4% YTD, is on track for its best day
since December 2021
** Daimler Truck is up 1.9%
(Reporting by Anastasiia Kozlova)
((Anastasiia.Kozlova@thomsonreuters.com))