Morgan Stanley Unit Makes Takeover Bid for VTG Railcar Firm

Morgan Stanley’s infrastructure arm offered to buy VTG AG in a deal that values the German wagon-hire and rail-logistics company at 1.53 billion euros ($1.79 billion), sending the shares up the most in seven years. The infrastructure firm, which already owns 29 percent of VTG, is offering 53 euros a share in cash for the rest, Morgan Stanley said in a statement Monday, confirming a Bloomberg News report from earlier in the day. As part of the transaction, Morgan Stanley has received a commitment from Kuehne Holding AG to sell its 20 percent stake in VTG.