Filipino group on hunt for German automobile tech deals

Dhaka,  Sat,  24 June 2017
Published : 14 Jun 2017, 13:52:15 | Updated : 14 Jun 2017, 14:51:49
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Filipino group on hunt for German automobile tech deals

Filipino group on hunt for German automobile tech deals
Jaime Augusto Zobel de Ayala, chairman and chief executive of Ayala Corporation, a Philippines group, said the group was looking for further acquisitions in German automotive technology in an effort to take advantage of a transition in the car industry, according to global media report Wednesday. 

The group is now stretching from real estate to banking, is hunting for acquisitions among niche European automotive technology suppliers as it expands into the car industry. 

In a shift that illustrates how Asian companies are homing in on specialist German technology to help them move up the manufacturing value chain, Ayala recently acquired nearly 95 per cent of Misslbeck Technologies, a maker of plastic auto parts based in Ingolstadt, for an enterprise value of €26.8m. 

The deal to buy Misslbeck, which forms part of Audi and BMW’s supply chains, follows Ayala’s purchase of a majority stake in another German company, Via Optronics - a maker of touch screens - for €47.4m last August. 

Asian buyers have increasingly targeted mid-sized German manufacturers in recent years, as Chinese and other companies focus on higher-end manufacturing. China’s Midea Group closed a €3.7bn takeover of German robot maker Kuka in January in the biggest such acquisition to date. 

Ayala, the Philippines’ oldest conglomerate and one of its biggest by market capitalisation, is seeking growth at a time when some of its older divisions such as telecoms are maturing.

-SZ-
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