Crompton Greaves Surges On Offer To Buy Its Automation Business
Shares of Crompton Greaves Ltd. rose more than 9 percent after the company received a binding offer for the acquisition of its B2B automation business from Saudi Arabia-based Alfanar for an enterprise value of 120 million euros.
The business includes its Spanish subsidiary along with its automated businesses in the United Kingdom, Ireland, France and India.
Post the offer, the company's automation business in India will be hived off to a wholly-owned subsidiary which will be incorporated by the company for the completion of this acquisition.
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