Magna bids for remaining Steyr shares

Article Abstract:

Magna International Inc. wants to acquire the 33.2% minority stake in Steyr-Daimler-Puch AG for 1.26 billion Austrian schillings or C$145 million. The company is offering 380 schilling for each of the 3.3 million Steyr shares which it does not own. The deal would be worth C$584 million. According to Magna Chairman Frank Stronach, if the deal is successful, Steyr will be taken private and will be renamed Magna-Steyr-Puch. The company could also be brought on European and US stock exchanges. Stronach said that he wants Magna to retain a majority stake in the company and have 20% to 40% of the company widely held.

Comment:

Wants to acquire the 33.2% minority stake in Steyr-Daimler-Puch for 1.26 billion Austrian schillings

Canada, Diversified Companies, Motor Vehicles, Automobile and Light Duty Motor Vehicle Manufacturing, Steyr Daimler Puch AG

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German companies on a takeover blitz

Article Abstract:

Volvo AB, a manufacturer of automobile and automobile parts headquartered in Sweden, is conducting negotiations for a possible purchase deal with Volkswagen AG, a rival company based in Germany. The purchase, if consummated, will further enhance Volkswagen's position in the car production industry which was bolstered by its acquisition of Rolls-Royce Motors Cars Ltd. of the UK for 430 million pounds sterling and Italy-based Lamborghini Automobili SpA. The deal reflects the acquisition-driven growth strategy adopted by German companies in light of its steadily growing economy.

Comment:

Conducts negotiations for a possible purchase deal w/ Volvo AB, a rival company based in Germany

Sweden, Motor Vehicles & Parts, Transportation Equipment Manufacturing, AB Volvo, Volkswagenwerk AG

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Magna's Austrian unit in running for Mercedes work

Article Abstract:

Magna International Inc.'s newly acquired unit in Austria, Steyr-Daimler-Puch Fahrzeugtechnik AG, has expressed optimism it will be able to get a contract to assemble top-selling M Class sport-utility vehicle of Mercedes Benz. A spokesperson for Mercedes Benz' parent Daimler AG admitted the company will make a decision regarding the project in the next few weeks. Winning the contract would allow the Graz, Austria, assembly plant of Steyr-Daimler-Puch Fahrzeugtechnik to assemble as many as 30,000 M Class sport-utility vehicles per year.

Comment:

New unit in Austria is optimistic it will be able to get contract to assemble M Class sport-utility vehicle of Mercedez Benz

Use of services, Contracts & orders received, Utility Vehicles, Light Truck and Utility Vehicle Manufacturing, Daimler-Benz AG, Sport utility vehicles

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