By Jeffrey T. Lewis
SAO PAULO–Tupy SA’s shares rose 4.8% after the Brazilian motor vehicle parts maker said it agreed to buy engine maker MWM do Brasil.
Tupy shares rose to 17.56 reais, the equivalent of $3.76, and had declined 16% since the start of this year before the acquisition was announced. Brazil’s benchmark Ibovespa stocks index was down 0.6% at about the same time.
Tupy said Monday it will pay about 865 million reais to purchase MWM, which is a wholly owned indirect subsidiary of Navistar International Corp., which is itself a unit of Traton SE.
The purchase will allow Tupy, which supplies components to truck, agricultural, construction, construction machinery and engine manufacturers, to offer products and services provided by MWM to Tupy customers, the buying company said.
Write to Jeffrey T. Lewis at [email protected]
Brazil’s Tupy Shares Rise 4.8% After Purchase of MWM do Brasil & More Brazil Latest News Update
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