CHICAGO -- Auto parts maker BorgWarner Inc. said on Tuesday that it has completed the purchase of about 62 percent of the outstanding shares of German diesel technology company Beru AG.
BorgWarner said it paid 59 euros ($78) per share, or about $490 million for the stake from key shareholders including The Carlyle Group and the Birkel family. It financed $319 million locally and funded the rest from available cash.
BorgWarner has begun a tender offer to buy the remaining shares for 67.50 euros ($90) each. It expects the acquisition to add to earnings in 2005 and plans to maintain Beru as a stand-alone business within its engine group.