& Mahindra has hiked its stake in its Finland-based arm Sampo Rosenlew Oy
to 100 per cent with the acquisition of residual shares for over Rs 35 crore.
December 2020, the company increased its stake in combine harvester maker Sampo
Rosenlew Oy to 79.13 per cent with the acquisition of additional 1,050 shares
for Rs 31.15 crore.
& Mahindra executed an option exercise share purchase agreement to acquire
1,317 equity shares of Sampo Rosenlew Oy, pursuant to the exercise of a call
option by it on the other shareholder of Sampo. Subsequently, the shareholding
and consequent voting rights of M&M in Sampo would increase from 79.13 per
cent to 100 per cent of the equity share capital of Sampo and it would become a
wholly owned subsidiary of the company.
consideration will be paid in cash and the 1,317 equity shares of Sampo are
being acquired at a price of euro 3,333 per share aggregating euro 43,89,561
(Rs 35.57 crore), the filing said.
is known for its mid-sized combine harvesters in markets, including Europe and
North Africa. It is also a joint venture partner of M&M for combine
harvesters in Algeria.
will jointly focus on the combine harvesters and specialty harvester business
in Asia, Africa, Eurasian Economic Union countries and Latin America.
scale in tractors and Sampo's expertise in combine harvesters allow both
companies to offer a broader product portfolio to address the needs of farmers
in various countries. Sampo clocked a turnover of euro 52 million in the fiscal
ended March 31, 2022.
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