PARIS (dpa-AFX) - German automotive major Daimler AG (DDAIF.PK) on Thursday
said it agreed to sell 65 percent stake in its subsidiary MBtech Group to
France's AKKA Technologies S.A.
The sale will be subject to the approval of the antitrust authorities. With a substantial equity interest of 35 percent in the future, Daimler will remain a long-term and strategic shareholder as well as an important client of Mbtech, an engineering and consulting company based in Sindelfingen.
Daimler noted that the entry of AKKA at MBtech will create one of the biggest European engineering consultancies. AKKA has its main focus on France, Italy, Spain and the United Kingdom, while MBtech has a strong market position in Germany, China and the United States.
Daimler and AKKA intend to jointly develop the company and to strengthen its competitiveness on a sustained basis. This will protect jobs at MBtech while offering new opportunities for the workforce in an expanded international environment, the company noted.
Copyright RTT News/dpa-AFX
The sale will be subject to the approval of the antitrust authorities. With a substantial equity interest of 35 percent in the future, Daimler will remain a long-term and strategic shareholder as well as an important client of Mbtech, an engineering and consulting company based in Sindelfingen.
Daimler noted that the entry of AKKA at MBtech will create one of the biggest European engineering consultancies. AKKA has its main focus on France, Italy, Spain and the United Kingdom, while MBtech has a strong market position in Germany, China and the United States.
Daimler and AKKA intend to jointly develop the company and to strengthen its competitiveness on a sustained basis. This will protect jobs at MBtech while offering new opportunities for the workforce in an expanded international environment, the company noted.
Copyright RTT News/dpa-AFX
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