Amtek Auto surges on acquisition of German Neumayer Tekfor

Moneycontrol Bureau

Amtek Auto shares accelerated 10 percent in morning trade on Monday on the company's plans to acquire Germany's Neumayer Tekfor Group.

The automobile component maker said that it has entered into an agreement to acquire "substantial business interests" of the company engaged in forging and integrated machining.

Neumayer has 9 manufacturing units across Germany, Italy, USA, Mexico and Brazil and revenue of the acquired business is around euro 500 million.

The closing of the deal is subject to fulfillment of certain conditions, which are expected to be completed by May 2013-end, Amtek said.

At 10:10hrs, Amtek Auto shares were up 7.2 percent at Rs 76.25 on NSE.

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