Smart car technology company iMotion Automotive Technology (Suzhou) Co. Ltd. (1274.HK) said on Friday it has offered to acquire a German “premium developer and series supplier in the field of highly safety relevant electronic systems and power electronics in automotive, aviation and renewable energy.”
“The company sees great potential in a combined business with the target company, which will enlarge and enhance the business offering of the company in safety-relevant electronic systems and power electronics products and solutions,” iMotion said, without disclosing the target company’s name. It added the target company’s client base includes global premium OEM and Tier 1 customers.
iMotion also didn’t provide an offer price, but said that a potential future agreement “may constitute a notifiable transaction” under Hong Kong Stock Exchange rules. The company’s shares opened up 4.3% on Monday but later gave back all the gains and were down 0.5% in afternoon trading.
By Doug Young
To subscribe to Bamboo Works free weekly newsletter, click here
