Reuters: Deals: China's Lingyun buys German car parts maker Kiekert

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China's Lingyun buys German car parts maker Kiekert Mar 13th 2012, 11:35 FRANKFURT | Tue Mar 13, 2012 7:35am EDT FRANKFURT (Reuters) - Chinese car parts maker Hebei Lingyun (600480.SS) is buying German peer Kiekert for an undisclosed sum, Kiekert said in a statement on Tuesday. The combination of Kiekert, which has annual sales of more than 500 million Euros ($657 million), with Lingyun will create a company with one billion Euro in turnover, Kiekert added. Kiekert is currently owned by an investor group including hedge funds BlueBay Asset Management and Silver Point Capital as well as Morgan Stanley (MS.N). They had taken control of the group after swapping debt for equity in 2006, following a botched highly leveraged takeover by private equity group Permira. Kiekert said that after restructuring efforts it is now showing solid growth with continuous profitability.

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