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Leoni to submit China stake sale to German government
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Leoni to submit China stake sale to German government
Oct 10, 2024 10:55 PM

BERLIN, Oct 10 (Reuters) -

Automotive supplier Leoni is preparing to

register the sale of a majority stake to Chinese company

Luxshare with the German government, a company

spokesperson said on Thursday in what it called a routine step.

"The registration of the planned sale for investment

review at the economy ministry is currently being prepared and

will take place shortly," said a Leoni spokesperson.

"This is a completely normal process that follows its

regular course. The ministry is responsible for determining when

a decision will be made," the spokesperson said in a statement.

The Nuremberg-based cable harness specialist said last

month that Apple supplier Luxshare was taking over 50.1% of

shares in the German company from the previous sole owner,

Stefan Pierer, as well as taking over the cable division in

full.

The purchase price was 320 million euros ($350.02

million), according to Luxshare.

German outlet WirtschaftsWoche reported that the economy

ministry is expected to initiate the audit soon, citing sources

in the ministry.

The economy ministry did not immediately reply to a

request for comment.

($1 = 0.9142 euros)

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