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Volkswagen buys stake in German carbon maker
Administrator Thu Mar 03, 2011 2:29 pm
Volkswagen buys stake in German carbon maker
FRANKFURT (Reuters) -- Volkswagen has acquired a 8.18 percent stake in SGL Carbon, making Europe's biggest carmaker the second largest shareholder in the German manufacturer of carbon products.
"This participation supports SGL Group's long-term intention to strengthen our independence by establishing a small group of anchor investors," SGL CEO Robert Koehler said in a statement on Monday.
Based on SGL's closing price on Friday, the stake was worth 136 million euros ($187.6 million).
Other anchor investors are SKion, the private equity company of Susanne Klatten, who is Germany's richest woman, and engineering conglomerate Voith, SGL said.
SKion, which is also a major shareholder in luxury carmaker BMW , holds a 22.25 percent in SGL, while Voith holds 5.12 percent, SGL said.
"SGL Group perceives the financial participation of Volkswagen as an appreciation of our long term start-up and development activities in new materials and technologies particularly in automotive lightweight construction," he added.
SGL said as part of the deal, 4.43 percent of the total shares acquired by Volkswagen were bought from Landesbank Baden-Wuerttemberg (LBBW) unit Sued-Capital.
FRANKFURT (Reuters) -- Volkswagen has acquired a 8.18 percent stake in SGL Carbon, making Europe's biggest carmaker the second largest shareholder in the German manufacturer of carbon products.
"This participation supports SGL Group's long-term intention to strengthen our independence by establishing a small group of anchor investors," SGL CEO Robert Koehler said in a statement on Monday.
Based on SGL's closing price on Friday, the stake was worth 136 million euros ($187.6 million).
Other anchor investors are SKion, the private equity company of Susanne Klatten, who is Germany's richest woman, and engineering conglomerate Voith, SGL said.
SKion, which is also a major shareholder in luxury carmaker BMW , holds a 22.25 percent in SGL, while Voith holds 5.12 percent, SGL said.
"SGL Group perceives the financial participation of Volkswagen as an appreciation of our long term start-up and development activities in new materials and technologies particularly in automotive lightweight construction," he added.
SGL said as part of the deal, 4.43 percent of the total shares acquired by Volkswagen were bought from Landesbank Baden-Wuerttemberg (LBBW) unit Sued-Capital.
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