Johannesburg - Shares of Metair Investments climb 5.9 percent to 35.25 rand after the auto parts maker says it plans to buy Turkish firm Mutlu Holding and its affiliates for $217 million, a deal that will give Metair control of one of Turkey's largest auto battery makers and access to new markets in the Middle East and Europe.
Mutlu Holding owns 75 percent of battery maker Mutlu Aku.
Metair also plans to acquire the remaining 45 percent of Mutlu Plastik not already owned by Mutlu Holding.
Plastik produces the battery caps and casings used by the group.
Under Turkish law, Metair will be required to make a mandatory offer to minority shareholders in Mutlu Aku for the remaining 25 percent in the firm.
Shares of Mutlu Aku are up nearly 11 percent in Istanbul. - Reuters