Borgwarner presses ahead with Akasol squeeze-out

US powertrain components manufacturer Borgwarner Inc (NYSE:BWA) is offering EUR 119.16 per share in cash to acquire the remaining stake in German lithium-ion battery systems provider Akasol AG (ETR:ASL), in which it already holds 92.94%.

An extraordinary shareholder meeting will be held on December 17 to vote on the squeeze-out.

Akasol's shares closed 0.49% higher at EUR 123.60 on Tuesday in Frankfurt.

Borgwarner acquired the majority stake earlier this year following a takeover offer that valued the German company at more than EUR 727 million (USD 841.6m). The US investor paid EUR 120 apiece for the holding.

Akasol, founded in Darmstadt in 2008, manufactures lithium-ion battery systems for buses, trains, trucks, and ships for customers such as Daimler, Alstom, and Volvo. In the first nine months of 2021, the company booked revenue of EUR 67.8 million and an operating loss of EUR 17.8 million.

(EUR 1 = USD 1.158)

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