Ashok Leyland to raise stake in Optare to 75.1%/news09012012

The UK-based bus manufacturer Optare Plc’s shareholders have given approval for Ashok Leyland and associates to increase their stake to 75.10% in it.

Ashok Leyland will have 25.34%, and associated companies, Ashley Holdings 23.22% and Ashley Investments 26.54%.

In December last week, Falkirk bus manufacturer Alexander Dennis threatened to gatecrash Ashok Leyland’s plan to take control of Optare. However, within a day it made a statement saying the company was dropping the potential takeover bid. Following which, Optare called for a shareholders’ meeting to get their nod.

Following completion of the placing, Ashok Leyland intended to grow Optare’s business, in part by using it’s expertise in launching cost-effective bus models suitable for application in various countries and integrating the technologies it uses with the design and production capabilities of Optare.
....more info