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Hong Kong-based watch-maker O Luxe Holdings Ltd plans to buy a controlling stake in Japan's electric sportscar company GLM Co Ltd, according to local reports.

O Luxeis said to have offered HKD896m (US$114m) for an 85.5% stake in the Japanese company.

GLM was originally set up in 2010 by Kyoto University and began making the ZZ electric sports car in 2014. In recent years it has helped a number of mainstream Japanese and Chinese vehicle manufacturers develop electric vehicle platforms and also offers complete electric vehicle platforms solutions, including chassis, power systems and controls.

O Luxe plans to fund the acquisition with a combination of cash and by issuing new equity which it will offer to GLM shareholders. It eventually hopes to buy up all outstanding shares in the company.

O Luxe hopes to increase GLM's business with Chinese vehicle manufacturers, which are moving aggressively into the electric vehicle segment at present.

O Luxe says it specialises in 'designing, manufacturing for distinctive clients, and distributing finely curated high-end jewellery and diamonds, profoundly establishing its foundation as an industry leader in jewellery, timepiece and other luxury sectors'.

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By GlobalData