Bosch on Friday said it had secured a majority stake in Australian brake specialist, Pacifica Group, before its EUR321m bid expires next month.
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“We have achieved our goal and have received shareholder acceptances for more than 50% of Pacifica shares – well before the offer period expires on 4 March,” Bernd Bohr, board member responsible for the automotive division, told Reuters.
“With the acquisition of the Pacifica Group, we want to bolster our brakes business, above all in the Americas and Asia Pacific”, Bohr reportedly added.
As of 23 February, Pacifica shareholders had offered Bosch 50.86% of shares in the Australian brakes maker for purchase, Reuters said.
“This means that it is now possible for Bosch to assume the industrial leadership of Pacifica. All regulatory approvals have already been obtained,” Bosch told the news agency.
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By GlobalDataBosch is offering Pacifica Group shareholders $A2.20 per share in cash, meaning the German group will pay a total $A312m (EUR187m) in cash for Pacifica, the report said, adding that Bosch also is to take over a further $A223m of Pacifica’s debt.
Melbourne-based Pacifica is already a key supplier to Bosch and specialises in brake calipers, parking brakes, and brake components, Reuters noted.
