Amtek to shortlist bidders for German car parts maker Tekfor - sources
01/11/2016 15:53
By Arno Schuetze and Pamela Barbaglia
FRANKFURT/LONDON, Nov 1 (Reuters) - Loss-making Indian car
parts maker Amtek Auto AMTK.NS is expected to shortly
shortlist bidders for its German unit Tekfor as soon as next
week, a year after starting a bumpy divestment process last
year, people close to the matter said.
Amtek, which has switched advisors and is now working with
Rothschild ROT.UL on the divestment, has received eight
first-round bids for the asset, valuing it at up to 520 million
euros ($573 million), one of the sources said.
Seven of the bids came from car parts makers, including a
state-owned Chinese firm, while one offer was made by a private
equity group, the source added.
People familiar with the industry said they see Spain's CIE
CIEA.MC - part-owned by India's Mahindra Group - and Canada's
Linamar LNR.TO as having high chances of being shortlisted. It
remained unclear whether Japan's Musashi Seimitsu 7220.T ,
which earlier this year bought peer Hay Group, has also made a
competitive offer.
Amtek, Rothschild and the other bidders declined to comment
or were not immediately available for comment.
($1 = 0.9071 euros)
(Additional reporting by Jose Elías Rodríguez, Alexander Hübner
and Aditi Shah; Editing by Harro ten Wolde)
((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))
Keywords: AMTEK TEKFOR/SALE