Luxshare Precision Industry Plans to Acquire Majority Stake in German Manufacturer

MT Newswires Live09-16

Luxshare Precision Industry (SHE:002475) intends to acquire a 50.1% stake in German manufacturer Leoni AG and all the equity of Leoni AG subsidiary Leoni Kabel.

The move aims to accelerate the globalization of the company's automotive business and enhance the global competitiveness of its automotive wiring harness products, according to a Sept. 14 filing with the Shenzhen bourse.

The Apple products assembler will acquire Leoni's 50.1% equity for 205.4 million euros and fully acquire Leoni Kabel for 320 million euros.

The remaining 49.9% of Leoni will continue to be held by L2-Beteiligungs.

Price (RMB): ¥37.15, Change: ¥+0.66, Percent Change: +1.81%

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