FRANKFURT (Reuters) – French car parts suppliers Faurecia on Saturday agreed to acquire a majority stake in German automotive lighting group Hella, trumping rival bidders, and will make a public tender offer for the remaining shares.
Faurecia struck the deal with a pool of family-related shareholders over their 60% stake for 60 euros ($70.75) per share and will offer the same price for the outstanding stock, Hella said in a statement on Saturday.
People familiar with the matter previously told Reuters that Cie Plastic Omnium and Germany’s Mahle GmbH had submitted bids at around 60 euros per share, valuing the target at roughly 7 billion euros.
Hella said Faurecia had made long-term commitments regarding strategy, financing and corporate governance, as well as on employees’ interests. It also pledged that Hella’s headquarters in the western town of Lippstadt would remain a major corporate centre.
German brakes maker Knorr-Bremse dropped out of the bidding last month.
Hella’s founding family invited competing bids for their stake with the help of investment bank Rothschild following a deal approach from private equity group Bain, sources have told Reuters.
Hella had said on Thursday it finalised negotiations with interested buyers, adding all were acceptable and protected the interests of the company and its stakeholders.
($1 = 0.8481 euros)
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