August 5, 2017 / 10:43 AM / 2 years ago

SGL could take over BMW stake in carbon fiber JV: Euro am Sonntag

FRANKFURT (Reuters) - Germany’s SGL Group (SGCG.DE) could acquire BMW’s (BMWG.DE) stake in a joint venture for the production of carbon fiber, the company’s chief executive has told a German weekly.

“I assume that BMW does not want to become a maker of carbon fiber. For us, carbon fiber is a core element of our strategy and an essential part of the value chain,” Juergen Koehler told Euro am Sonntag in an interview published on Saturday.

“The takeover could be an option.”

SGL Automotive Carbon Fibers (ACF) was founded in 2009. SGL owns 51 percent while BMW holds the rest. BMW also owns 18.44 percent in SGL Group, according to SGL’s website, while Volkswagen (VOWG_p.DE) holds 9.82 percent.

Koehler also said the company had narrowed the number of bidders for its cathodes unit to a handful, confirming the group expects to sign a deal by the end of the year at the latest.

Reporting by Christoph Steitz; Editing by Andrew Bolton

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