Carmaker BMW has bought a slightly higher stake in carbon fibre maker SGL Group than initially flagged and signalled it might buy even more shares if the opportunity arose.
SGL Group said today BMW’s stake in the company stood at 15.72 per cent as of Dec 21, which is 0.52 per cent higher than the 15.2 per cent which BMW said it had secured in November.
BMW had informed SGL that it had no intention to buy considerably more shares in the company over the next 12 months, SGL said in a statement on Thursday.
But we are not ruling out buying more voting rights in cases of favourable buying opportunity or avoiding diluting our shareholding,’ SGL quoted BMW as saying
The use of carbon fibre reinforced plastics (CFRP), which are 30 per cent lighter than aluminium and 50 per cent lighter than steel, is one of the hottest trends in the car industry’s drive to lower its carbon dioxide emissions.
That has led to a mad dash for carbon fibre specialist SGL Carbon, with BMW, Volkswagen and engineering company Voith snapping up stakes this year.
[raw][connections id= ‘2’][/raw]