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Chinese group reportedly bidding on KraussMaffei

Article-Chinese group reportedly bidding on KraussMaffei

Chinese group reportedly bidding on KraussMaffei
According to a Reuters report, an unidentified Chinese group has bid about €1 billion ($1.1 billion) to buy Munich-based plastics machinery major KraussMaffei Group from Toronto private equity firm Onex Corp.

The potential buyer is hoping to clinch a deal with KraussMaffei's owner, Canada's Onex Corp (OCX.TO), before the Chinese New Year in early February, the report said on Thursday, January 7, quoting “people familiar with the matter”.

KraussMaffei was acquired by Onex from Chicago-based Madison Capital Partners in 2012. At that time, Madison paid 568 million euros for the machine manufacturer, winning over rival bids from “several Asian companies,” among whom ChemChina, Haitian and Japan-based Sumitomo.

The offer of the unnamed Chinese group values KraussMaffei at roughly seven times its earnings before interest, taxes, depreciation, and amortization, one of the sources said. According to the third-quarter report published in November, KraussMaffei posted earnings before interest, taxes, depreciation, and amortization of 140 million euros for the last 12 months.

Onex, said Reuters, declined to comment; KraussMaffei was not available for questions.

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