Agricultural machinery maker Kubota Corp. said December 16 it will launch a friendly tender offer to acquire all outstanding shares in Kverneland ASA, a Norwegian manufacturer of tractor equipment.
The acquisition is aimed at a full-scale entry into the market for upland farming equipment especially in Europe, Kubota said.
Kubota is hoping to raise the sales ratio of upland farming machinery to 50 percent of all sales from agricultural equipment.
The Osaka-based company has set aside 17 billion yen for the tender offer to be carried out from Jan. 6 to 20.
Founded in 1879, Kverneland manufacturers and sells plowing, seeding and other products used in soil preparation.