(Yicai Global) Sept. 7 -- Shares of China's Highly Group jumped after the refrigeration equipment maker said that it will pay up to USD203 million to purchase a majority stake in Japanese Marelli Holdings's global automotive air conditioning business.
Highly's stock price [SHA:600619] rose by the daily limit of 10 percent to CNY8.97 (USD1.30) today.
The Chinese firm will buy a 60 percent stake in a special purpose vehicle, set up by the Saitama-headquartered company, which holds all of its related air con parts assets in places such as the US, China, India, the UK, and Spain, the Shanghai-based firm said in a statement yesterday.
The factories under the SPV count some leading global automakers, such as the Nissan Renault Mitsubishi Alliance, as their clients.
The deal should help Highly enhance its technological capabilities as a new energy vehicle parts provider and become the world's leading supplier of auto compressor and AC systems, it added.
Editor: Emmi Laine