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Mifa saved by Hero Cycles
2014-06-18 source ownIndian bicycle manufacturer Hero Cycles is expanding its global reach by purchasing shares in the German company Mitteldeutsche Fahrradwerke (Mifa). This investment has come at the perfect time for Mifa, as the company has been troubled by financial woes in recent years. The company owes creditors some €25 million.Hero will use its subsidiary OPM Global B.V. to purchase the stocks worth €15 million. The two companies will form a “strategic partnership.” Through their agreement, Hero could obtain up to a 47 percent share of the company, with an option to acquire shares from current stakeholders. This deal will offer a huge potential for the two companies to work collaboratively on sales and technology transfers.
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