Business News

Mahle Bidding for Outright Stake in Letrika

Ljubljana, 24 September (STA) - After acquiring 85.04% in Slovenia's car electronics manufacturer Letrika, German automotive parts manufacturer Mahle on Wednesday published a bid to take over the outstanding 240,577 shares, offering EUR 67.10 apiece.

The offer is standing until noon on 22 October, unless extended in accordance with the takeovers act, according to the notice published in Wednesday's issued of daily Delo.

The subsidiary Mahle Holding Austria set no threshold for the success of the bid.

The price offered is the same as Mahle paid to a consortium of mainly state-owned shareholders of Letrika for a 54% stake in the Šempeter-based company in June.

Mahle then acquired another 20% from Kolektor, the Slovenian rival in the bidding for Letrika, in July and went on to buy a further 7% of Letrika later.

The price set values Letrika at a total of nearly EUR 108m; the consortium got EUR 58.3m for its stake and Kolektor and its affiliate FMR pocketed EUR 21.8m in the deal.

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