Hungary’s Opus Global to buy bourse peer
Acquisition coming up
Mészáros M1 has made an offer for the majority stake of DM-Ker, current owners Sándor Megyeri, Ferenc Bátor and BF Trustee Kft. announced.
The multi-tiered, binding offer was accepted by the owners.
Pursuant to the offer, Mészáros M1 as the purchaser intends to enter into a share purchase agreement and several option agreements with the majority owners of DM-KER in the near future, Opus said in a statement.
Not without antecedent
Opus and DM-Ker announced at the end of January that an Opus subsidiary signed a letter of intent with DM-Ker about possible strategic cooperation, which could “result in changes to DM-Ker’s capital structure”. At the time, Opus said this would create an opportunity to “map out and widen growth potential”.
What is the motive?
Industry, including the construction industry, is a strategic business of Opus, and so is agriculture. DM-Ker imports and distributes construction and agricultural machinery.
“With the acquisition, the aim of Mészáros M1 is to manage the construction equipment used in the construction division of the Mészáros Group with maximum efficiency and capacity utilization, and the replacement, expansion and repair of that equipment shall be carried out by a specialised company. The possible acquisition of a majority ownership in DM-KER could also make a major contribution to the success of position of Mészáros M1 in international markets” Opus said in the statement.
Share price
Following the announcement, DM-Ker shares have gained 29% in Wednesday’s trading.
Opus shares rose 0.75% today but have lost nearly 8% this year.
Cover photo: Budapest Stock Exchange
