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International Internet Magazine. Baltic States news & analytics Wednesday, 23.09.2020, 15:43

Estonian Harju Elekter stands to make EUR 25.8 mln from sale of PKC shares

BC, Tallinn, 20.01.2017.Print version
f the listed Estonian electrical equipment maker Harju Elekter accepted Indian Motherson Sumi's offer for PKC shares it would earn 25.8 mln euros from the transaction, reports LETA/BNS.

Harju Elekter has owned a stake in the Finnish PKC Group since 1994. At the end of last year it owned 1.1 mln shares or roughly 4.6% of the company.

The price of Harju Elekter shares took a leap of 9.9% to 3.33 euros in early trading on the Tallinn stock exchange, which means the company's market value increased by 1.4 mln euros to 59.1 mln euros compared to Thursday's closing.

The India-based car parts maker and engineering group Motherson Sumi Systems Ltd has made to PKC shareholders an offer to buy PKC shares at 23.55 euros per share.

Motherson and PKC agreed on Jan. 19 to combine their wiring harness business. So as to implement the plan, Motherson made a buyout offer to all PKC shareholders. The transaction will cost a total of 571 mln euros.

Shares of PKC jumped 49% to 23.29 euros on the Helsinki stock exchange in the morning. Compared to PKC's closing price on Thursday, Motherson's offer of 23.55 euros represents a premium of 51%.

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