BMW to Sell 49% Stake in Joint Ventures to SGL Carbon
November 24 2017 - 8:59AM
Dow Jones News
By Alberto Delclaux
BMW AG (BMW.XE) will sell its 49% stake in two joint ventures in
the U.S. and Germany to partner SGL Carbon (SGL.XE), the German
chemical company said in a press statement.
Under the terms of the agreement, SGL Carbon will acquire BMW's
49% stake in the German-based SGL Automotive Carbon Fibers GmbH and
in U.S.-based SGL Automotive Carbon Fibers LLC. The first
transaction will total 24 million euros ($28.4 million) and is
expected to be completed in January 2018. The second will amount to
$62 million and is expected to close at the end of 2020 at the
latest.
SGL Carbon will become the sole owner in both ventures. The deal
will have no impact on BMW's 18.3% stake in SGL Carbon, the company
added.
The transaction is subject to the approval of the relevant
authorities.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
November 24, 2017 08:44 ET (13:44 GMT)
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