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Mori Seiki to Pay $120 Million for More of Gildemeister, Nikkei Reports

Mori Seiki Co. plans to increase its stake in the German firm Gildemeister AG to more than 20 percent from 5 percent, Nikkei English News reported, without saying where it obtained the information.

Mori Seiki will purchase more then 10 billion yen ($119.9 million) of Gildemeister shares and convert the German firm into an equity-method affiliate, Nikkei said.

To contact the editor responsible for this story: Peter J. Brennan at pbrennan3@bloomberg.net

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