Magna is the leading contender to takeover Karmann roof unit
By Andrew C., 26 Aug, 2010. 0 Comments
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Four bidders have been identified to be competing to acquire insolvent German supplier Karmann's roof business, according to a source familiar with the matter. Leading the pack is Canada's Magna International Inc. and is joined by financial group Nordwind Capital, supplier Vorwerk Autotec, and Spain's CIE Automotive. The source had confirmed a report by the Financial Times Deutschland newspaper.
Karmann has yet to issue a statement. Some sources said that Magna had the inside track to get the roof business, which would complement Magna's German unit Car Top Systems.
A government source said that Christian Wulff, the premier of Karmann's home state of Lower Saxony, had a meeting with Magna founder Frank Stronach and co-CEO Siegfried Wolf early this month to talk about the terms of a potential sale. However, the Frankfurter Allgemeine Zeitung said that a sale to Magna could bring up anti-trust issues. [via guardian]
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