(Yicai Global) Aug. 4 -- Chinese investment group Fosun International Ltd. [HK:0656] (Fosun) has snagged a majority stake in Germany's Koller Beteiligungs GmbH (Koller).
Fosun's joint venture company Nanjing Nangang Iron & Steel United Co. (Nangang) has completed its acquisition of a share in the car parts maker, NetEase Finance quoted Fosun as saying yesterday.
The deal marks Nangang's first acquisition abroad and the first overseas industrial investment by a Fosun unit, NetEase Finance reported.
Fosun will help Koller strengthen its market position in Europe, the US, Canada and Mexico as well as build its business in China, Fosun Chairman Guo Guangchang said.
"Acquiring Koller is a strategic investment for us," Nangang Chairman Huang Yixin said. "New materials will become a key business segment of Nangang. We will help Koller establish a presence in China as soon as possible."
Fosun owns 60 percent of Nangang, which is Nanjing Iron & Steel Co.'s [SHA:600282] largest shareholder with a 45.31-percent stake.
Koller mainly designs and produces carbon fiber car parts and other composite materials and molds. It has manufacturing bases in Germany, Hungary and Mexico. It supplies products to Mercedes-Benz, Audi AG [FWB:NSU], other marques under the Volkswagen Group [FWB:VOW], Bayerische Motoren Werke AG [FWB:BMW] and Jaguar Land Rover Automotive plc.