Buderus system

2 January 2003 By Rob Cox Follow @rob1cox

That looks like what will happen with Buderus. Its shareholders need cash and Bosch is circling. Germany s tax moratorium was supposed to work like this: Company A sells stake in Company B, exposing it to market forces.

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Robert Bosch, a privately owned German car parts company, said it acquired 13.35% of Buderus, a German engineer that makes boilers, for about E185m, sparking speculation Bosch will bid for the remainder of the company.

Bosch bought the bulk of its Buderus stake, 7.5%, from Deutsche Bank for E100m, and called it a financial investment.

Bosch tried last year to acquire Buderus from its largest shareholders. These include Commerzbank, with 10.5% and construction firm Bilfinger Berger, with 30%.

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