19/11/2010 - 08:59

AHG confirms acquisition discussions

19/11/2010 - 08:59

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Automotive Holdings Group has confirmed media reports that it is in discussions with other motoring firms about possible transactions.

AHG confirms acquisition discussions

Automotive Holdings Group has confirmed media reports that it is in discussions with other motoring firms about possible transactions.

Today Fairfax Media reported that AHG was in discussion to buy prestige car dealership, Trivett Automotive Group.

"AHG confirms that it is in preliminary negotiations with a number of automotive groups within Australia," the company said in a statement to the Australian Securities Exchange.

"It further confirms that no agreement has been reached in relation to any of these negotiations and no documents have been executed.

"No assurance can be given that any transaction will be entered into in relation to any of these automotive groups."

AHG has made two significant acquisitions in Melbourne and Sydney in recent months.

On September 10, the company signed a $12 million agreement to acquire a Toyota dealership 30 kilometres from Melbourne's CBD.

On August 3, AHG also purchased a property at Castle Hill in Sydney's north-west for $24.5 million where it expects to develop a new dealership.

 

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