Motherson Sumi to buy Finland's PKC Group for $609 million | Reuters

 Motherson Sumi to buy Finlands PKC Group for 9 million
| Reuters

HELSINKI India-based car parts maker and engineering group Motherson Sumi Systems Ltd (MOSS.NS) has agreed to buy Finnish truck wire maker PKC Group (PKC1V.HE) for 571 million euros ($609 million), PKC said on Thursday.Motherson has offered 23.55 euros per PKC share, representing a 51 percent premium to PKC's closing price on Thursday."Combining the two companies will create a leading supplier of wiring systems and components for the worldwide transportation industry," PKC said in a statement.

The Finnish company said its board backs the offer.

($1 = 0.9377 euros)

(Reporting by Jussi Rosendahl; Editing by Leslie Adler)

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Updated Date: Jan 20, 2017 04:45:04 IST