Automotive supplier Leoni is preparing to register the sale of a majority stake to Chinese company Luxshare with the German government, a company spokesperson said on Thursday in what it called a routine step.
“The registration of the planned sale for investment review at the economy ministry is currently being prepared and will take place shortly,” said a Leoni spokesperson.
“This is a completely normal process that follows its regular course. The ministry is responsible for determining when a decision will be made,” the spokesperson said in a statement.
The Nuremberg-based cable harness specialist said last month that Apple supplier Luxshare was taking over 50.1% of shares in the German company from the previous sole owner, Stefan Pierer, as well as taking over the cable division in full.
The purchase price was 320 million euros ($350.02 million), according to Luxshare.
German outlet WirtschaftsWoche reported that the economy ministry is expected to initiate the audit soon, citing sources in the ministry.
The economy ministry did not immediately reply to a request for comment.
Source: Reuters.com