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Wartsila offers to buy rest of Wartsila India

Finnish engineering group Wartsila said on Thursday it would offer to buy the remaining 49 per cent of shares in Wartsila India held by minority shareholders.

"The total amount of the offer is about euros 16.5 million ($15.04 million) if all shares (are) purchased," Wartsila said in a statement.

"The offer is made at a premium of some 74 per cent over current market price and 61 per cent over the last 26 weeks' average price," it added.

Wartsila, which holds 51 per cent of the shares in Wartsila India, said the offer would end on November 6.

Wartsila India supplies power equipment and turnkey power plants to industries, utilities and independent power producers, and had net sales of about euros 82 million last year. The company has been profitable, Wartsila said.

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