Bajaj acquires control of KTM – Without a mandatory offer for shareholders!

Bajaj acquires control of KTM – Without a mandatory offer for shareholders!

On October 23, 2025, it was announced that Bajaj Auto International Holdings B.V. takes over the controlling majority of Pierer Mobility AG. According to vienna.at, no mandatory offer to the other shareholders is necessary for this. This decision is based on an exception provision in the restructuring process that allows Bajaj to gain control without submitting an offer as required by law.

The Takeover Commission has also confirmed that the measure is being carried out as part of restructuring purposes. Bajaj will operate under certain conditions to protect the interests of other shareholders, reports [onvista.de](https://www.onvista.de/news/2025/10-23-eqs-adhoc-pierer-mobility-ag-uebernahmekommission-besta etigt-restructuring-privilege-for-the-acquisition-of-control-by-bajaj-auto-international-holdings-b-v-0-37-26442626).

Acquisition details

Bajaj is taking over the shares in Pierer Bajaj AG from Pierer Industries AG, which holds 75 percent of Pierer Mobility. With this transaction, Bajaj gains control not only of Pierer Mobility, but also of KTM resulting from the acquisition.

After the final approval of the deal, Bajaj must exercise the agreed call option within 20 trading days. A step that must meet all necessary regulatory conditions, such as merger control approvals that have already been granted, as well as investment and subsidy control approvals, is also required.

In the coming weeks, the non-prohibition of the merger is expected on November 10, 2025. Bajaj plans to acquire 50,100 shares of Pierer Bajaj AG, which would further consolidate its control over PIERER Mobility AG.

Regulatory issues and supervision

BaFin has been monitoring takeovers of listed companies in Germany since 2002, including those operating in the regulated market. The takeover regulations, which are subject to the Securities Acquisition and Takeover Act (WpÜG), must meet clear conditions regarding mandatory, takeover and other offers in order to ensure transparency and the protection of shareholders, as stated on the website of the [BaFin].

In the specific case of Bajaj, it is a different acquisition offer that does not require control of the company in order to acquire shares. This also includes regulations that ensure that if you control at least 30% of the voting rights, a mandatory offer must be made.

Overall, the acquisition by Bajaj represents a significant step in the company's strategy and its efforts to ensure the stability and growth of Pierer Mobility and KTM.