Lingyun set to acquire Germany's Kiekert

Date: 13 Mar 2012

Automotive supplier Lingyun Industrial Group Corp and 2 other Chinese companies signed an agreement on March 13 to acquire 100% of German car-lock maker Kiekert AG to strengthen Lingyun's technology and set it for global growth.

Hebei-based Lingyun said it would take over 55% of Kiekert from a foreign consortium that includes BlueBay Asset Management, Silver Point Capital and Morgan Stanley. Henan North Xingguang Machinery and Electric Co Ltd will have a 25% stake. An investment foundation from Tianjin will have the rest.

Lingyun said the takeover will help it obtain world-class vehicle parts technology, which would make it possible for the company to compete globally.

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