Crompton Greaves sizzles on receiving a binding offer
DSIJ Intelligence / 07 Nov 2016
The stock price of Crompton Greaves is gaining ground after the company announced in its statement on BSE about receiving a binding offer for acquisition of its B2B’s automation business.
The stock price of Crompton Greaves is gaining ground after the company announced in its statement on BSE about receiving a binding offer for acquisition of its B2B’s automation business. The offer will include ZIV Applicaciones Y Technologies S.L (Spain) its subsidiary along with related automation business in UK, Ireland, France and India at an enterprise value of Euro 120 million for ‘Alfaras’.
Headquartered in Riyadh, Saudi Arabia with 22000+ employees and USD 2.5 Billion turnover Alfaras is a major player in electrical manufacturing business, including manufacturing of electrical construction process as well as related engineering services.
Consequent to the accepting of the binding offer the automation business of the company in India will be hived off to a wholly owned subsidiary to be incorporated by the company for completing the acquisition by Alfaras.
The stock currently trading at Rs 86 per share is up by almost 12 per cent on an intraday basis.
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