Bulgarian steel wheel manufacturer Balkankar Zarya plans to take over a European rival, See News reported.

The manufacturer is quoted saying it will assess the economic expedience of acquiring all the capital of a holding company, which has identical operations, through its subsidiary companies.

The companies that are the object of the due diligence are a group based in Europe with a global presence and production facilities in Asia, Balkancar Zarya's investor relations officer Pavlin Penchev told SeeNews.

He declined to name the target group, citing a confidentiality agreement between the parties.

The due diligence started this week and is expected to be completed by the end of August. Penchev said the management will decide by the end of September on the take-over.

Last year, Balkancar Zarya bought a 51% stake in forklift parts manufacturer Balkancar Ruen (Forkliftaction.com News #327).