Rába buys out Rekard group
Listed Hungarian automotive company Rába Jarműipari Holding on Friday said it purchased a 75.1% stake in peer Rekard Hajtómű- es Gépgyartó, which became Rába's 100% subsidiary as Rába acquired a 24.9% stake in Rekard earlier, state news wire MTI reports.
Rába and the Rekard group agreed on the acquisition in May 2019, when they said the value of the transaction is HUF 700 million.
Under the acquisition program published in 2019, Rába acquired Diagonal Valor three years ago, a unit of the Rekard group, and a 24.9% stake in Rekard Hajtómű- es Gépgyartó.
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