Insolvent German supplier Karmann has signed an agreement to sell its car roof making business to Magna International for an undisclosed sum although Financial Times Deutschland, citing company sources, put the price at about EUR20m (US$27m).
Magna will acquire the Karmann plant in Osnabrueck, Germany, as well as the company’s Polish activities, according to insolvency administrator, Ottmar Hermann.
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The deal requires approval by Germany’s anti-trust authority which said it intends to closely investigate the transaction.
