UK: Wagon acquires Oxford Automotive

摘要

EUROPEAN automotive components group Wagon has entered into an agreement to acquire French automotive metal components supplier, Oxford Automotive, after several weeks of negotiations. Consideration for the acquisition is to be wholly satisfied by the issue of new Wagon shares, which values Oxford at ￡128.4m (US$224.2m). "The acquisition of Oxford represents a compelling opportunity for Wagon to achieve a step change in its strategic positioning. Whilst we continue to make good operational and strategic progress as a stand-alone business, it is clear that industry trends require automotive suppliers to seek greater scale, a broader product offering, and greater financial resources to fund their growth," said group chief executive of Wagon, Pierre Vareille.