Valeo chairman says no firm offers received |
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Wed, 18 Apr 2007 07:46
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PARIS (Thomson Financial) - No firm offers have been received for Valeo, Thierry Morin, chairman of the French car parts maker, said in an interview in Les Echos newspaper.If a bid was made for the company, he would not expect Valeo to be delisted but for the buyer to take a majority stake, he said.'Several times since 2001 Valeo has been approached by funds. Today, just as in the past, we don't have a firm offer. But alongside discussions with shareholders Guy Wyser-Pratte on the one hand and Pardus on the other it would have been untransparent not to communicate the interest of these funds,' he said.Morin said Valeo's board is studying whether the approaches are realistic and serious. 'They seem to us extremely serious. I haven't said they will lead anywhere but they come from people who are ready to invest,' the chairman said.He ruled out the acquisition of the whole of Siemens VDO, which he estimates could sell for about 10 bln eur, but added that with a partner Valeo would be very willing to buy certain parts of the German business.In the next two years Valeo plans to dispose of operations with 2 bln eur in sales, or one fifth of the total. 'Acquisitions will be on the same scale,' Morin said.Andrew.Newby@Thomson.comanCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Valeo says Wyser-Pratte has made no approach 