Steyr Motors surges on Red Cat takeover offer

Steyr Motors AG

Mon 08:32

** Shares in Steyr Motors 4X0.VI surge more than 20% after the Austrian engine maker said US-listed drone technology company Red Cat Holdings RCAT.O intended to launch a voluntary takeover offer for all outstanding shares
** Red Cat plans to offer €39 per share in cash, implying a 28.9% premium to Steyr Motors' last closing price
** Stock on track for its best session since March 17, 2025, when it ended the day 140% higher

 (Reporting by Anastasiia Kozlova)
 ((Anastasiia.Kozlova@thomsonreuters.com))