BUZZ-Steyr Automotive's share price surges due to acquisition offer from Hongmao

October 19 - ** Shares of Austrian engine manufacturer Steyr Motors (4X0.VI) surged more than 20% after the company announced that US-listed drone technology firm Red Cat Holdings (RCAT.O) plans to launch a voluntary takeover bid for all its outstanding shares (link).

** Red Cat plans to offer 39 euros per share in cash, representing a 28.9% premium over Steyr Motors' latest closing price.

** The stock is set to post its best single-day performance since March 17, 2025, when it closed up 140%.

(To assist non-native English speakers, Reuters has provided an automated translation of its report into several other languages. As automated translation may be inaccurate or lack required context, Reuters does not guarantee the accuracy of the automated translation text and provides it solely for readers’ convenience. Reuters assumes no liability for any damage or loss caused by the use of the automated translation function.)