Deals
Morgan Stanley Unit Makes Takeover Bid for VTG Railcar Firm
- Infrastructure arm offers to boost its 29 percent stake
- Kuehne agrees to sell 20 percent stake to MS as part of deal
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Morgan Stanley’s infrastructure arm offered to buy VTG AG in a deal that values the German wagon-hire and rail-logistics company at 1.53 billion euros ($1.79 billion), sending the shares up the most in seven years.
The infrastructure firm, which already owns 29 percent of VTG, is offering 53 euros a share in cash for the rest, Morgan Stanley said in a statement Monday, confirming a Bloomberg News report from earlier in the day. That’s 10 percent above where VTG closed on Friday. As part of the transaction, Morgan Stanley has received a commitment from Kuehne Holding AG to sell its 20 percent stake in VTG.