Mexico’s Grupo Industrial Saltillo (GIS) is looking to acquire Automotive Components Europe, also known as the ACE Group, for EUR 67.4 million, the company said in a filing at the nation’s stock exchange, Bolsa Mexicana de Valores (BMV).
According to the steel products maker, it offered to buy the totality of ACE’s shares, which would be paid in cash for EUR 3.17 the share or EUR 67.4 million.
GIS said the price it’s offering per share is 14.4 percent higher than the price of ACE’s shares at the Warsaw stock exchange in Poland. The deal is subject to the approval of local authorities.
ACE Group is a European provider of brakes components for the automotive industry. It has plants in Spain, Poland and Czech Republic, which produce iron and aluminum components for brakes.