Turbo Power Systems to Get New Parent; Strategic Review Continues
24 Agosto 2015 - 5:20AM
Dow Jones News
LONDON--Turbo Power Systems Inc (TPS.LN) said Monday it's new
parent company will be Brazilian mining company Vale S.A., although
this won't impact its strategic review and possible sale, which is
continuing.
The electrical machines and power electronic systems provider
cautioned that there can be no certainty any potential transaction
in relation to the company will proceed, or the terms of any such
transaction.
The change of ownership in the company will follow the
acquisition by Vale of Banco Nacional de Desenvolvimento Econômico
e Social's interest in its current owner Vale Soluções em Energia
S.A.
Additionally, Vale has bought the minority interest that Sygma
Group S.A. had in Vale Soluções em Energia. Both share transfers
are scheduled to complete this week, upon which Vale will be the
ultimate parent company of Turbo Power Systems.
Shares at 0745 GMT up 0.03 pence, or 9.09%, at 0.3 pence in a
2.45% lower FTSE AIM index.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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(END) Dow Jones Newswires
August 24, 2015 04:05 ET (08:05 GMT)
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