November 1, 2016 / 3:57 PM / in a year

Amtek to shortlist bidders for German car parts maker Tekfor - sources

FRANKFURT/LONDON, Nov 1 (Reuters) - Loss-making Indian car parts maker Amtek Auto is expected to shortly shortlist bidders for its German unit Tekfor as soon as next week, a year after starting a bumpy divestment process last year, people close to the matter said.

Amtek, which has switched advisors and is now working with Rothschild on the divestment, has received eight first-round bids for the asset, valuing it at up to 520 million euros ($573 million), one of the sources said.

Seven of the bids came from car parts makers, including a state-owned Chinese firm, while one offer was made by a private equity group, the source added.

People familiar with the industry said they see Spain’s CIE - part-owned by India’s Mahindra Group - and Canada’s Linamar as having high chances of being shortlisted. It remained unclear whether Japan’s Musashi Seimitsu, which earlier this year bought peer Hay Group, has also made a competitive offer.

Amtek, Rothschild and the other bidders declined to comment or were not immediately available for comment. ($1 = 0.9071 euros) (Additional reporting by Jose Elías Rodríguez, Alexander Hübner and Aditi Shah; Editing by Harro ten Wolde)

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