Private equity group Hg Capital has bid E168 million for German seat heater supplier WET Automotive.
WET, based in Odelzhausen, Germany, is the global leader in the fast-growing seat-heating market.
WETs supervisory board chairman, Bodo Ruthenberg, has committed his 65.7 percent stake in the company to the deal, at a price of E52.7 per share.
At the beginning of April 2003 WET shares were selling at E41.
The company is quoted on the Frankfurt exchange. WET expects sales to grow to E175-E185 million in the financial year ending June 2003, up from E146 million in 2001/2002.
WET reported a 28.2 percent increase in net earnings to E 14.7 million in the first nine months of the current financial year, despite pressure from the strong euro.