June 1, 2018 / 7:37 AM / a year ago

UPDATE 1-South Africa's Metair bids $350 mln for Slovenian car battery maker

(Adds details, shares)

JOHANNESBURG, June 1 (Reuters) - Metair has offered to buy Slovenian car battery maker Tovarna Akumulatorskih Baterij (TAB) in a $350 million deal that would expand the South African auto parts maker’s energy storage business.

The deal, announced on Friday, it would be the latest deal by the Johannesburg-based company aimed at positioning itself as sizeable global player in the energy industry as more and more customers across the world take up battery-electric vehicles.

“Metair has identified TAB as a scarce strategic asset as it has a strong global presence in the industrial batteries segment,” it said.

Buying TAB would hand it a company with factories in Slovenia and Macedonia, along with a distribution network throughout Europe, with an annual battery output of 15 million units and industrial cell manufacturing of 2 million units.

Shares in Metair rose 2.6 percent to 20.54 rand, valuing it at roughly 4 billion rand ($317 million). ($1 = 0.8566 euros) ($1 = 12.6334 rand) (Reporting by Tiisetso Motsoeneng; editing by David Evans)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below