Gildemeister clarified the recent statement by the Austrian competition authority as to the Mori Seiko intent to takeover the Germany based machine tool manufacturer. In reality, the announcement referred to the plan of Mori Seiki to purchase just a quarter of the shares.

The regulatory documents published at the website of the Austrian antitrust authority said that the Japanese company is planning to take 'sole control' of its German partner Gildemeister.

According to a Gildemeister spokesperson, "There is no news." The spokesman added that the filing was in accordance with plans announced last March, where Mori Seiki announced it would be increasig its shareholdings in Gildemeister from 20% to 24.9% through two purchases.

Gildemeister is increasing its cooperation with the Japanese firm and reiterated there are no immediate plans to merge with Mori Seiki in the near future, though it may be possible in the next few years.

Mori Seikl's officials in Germany were not available for comment.