Metair, the listed manufacturer, distributor and retailer of energy storage solutions and automotive components, has walked away from a once-in-a-lifetime opportunity to acquire Tovarna Akumulatorskih Baterij (TAB), a value accretive asset, because of the depreciating rand. Metair on Thursday said it would no longer proceed with the planned acquisition of the Slovenian car battery maker, saying the rand price of the asset has soared because of volatility in emerging-market currencies. As a result of the move, the energy storage and automotive component manufacturer has given up on what CEO Theo Loock in June described as a value-enhancing transaction. Loock said another company is likely to acquire TAB soon. "I do not think it is going to be available for a long time. Such opportunities come once in a lifetime," he said. Metair in June announced its plans to acquire TAB for €300m. TAB has after-market automotive battery manufacturing facilities in Slovenia and Macedonia, an automoti...
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