Takata’s share price surges as KKR takes an interest in the troubled airbag company
Japanese airbag company Takata has attracted the attention of US investment fund KKR, driving the Tokyo-listed firm's share price up by over 20 per cent this morning.
Takata's share price has slumped over the past couple of years due to a massive recall of its airbag inflators, which were fitted into millions of cars around the world. Faults with the airbags have been linked to at least 13 deaths, and more than 100 injuries worldwide.
Earlier this year, Takata confirmed that the recall would be on a much larger scale than previously expected, with the total cost expected to rise to 2.7 trillion yen (£16.7bn).
KKR has made a bid for approximately a 60 per cent stake in the company, and has submitted a restructuring plan, according to Japan's Nikkei.
News of the private equity firm's interest comes after yesterday's confirmation from Takata that it had hired investment bank Lazard to lead a financial restructuring of the company. Takata said it was "expeditiously seeking new investment".