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    EO   FR0000121147

FAURECIA SE

(EO)
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Faurecia says new Hella squeeze-out offer not on agenda for now

11/16/2021 | 09:34am EST

PARIS, Nov 16 (Reuters) - French car parts maker Faurecia is not planning at this stage to make a new offer for minority shareholders in German takeover target Hella, a spokesperson said on Tuesday, after activist fund Elliott built a 6.6 % voting stake in Hella.

Separately, Faurecia said in a statement it would own 79.5% of lighting group Hella's shares after its takeover offer for outstanding shares ended on Nov. 11 - below the 90% threshold it would need to delist the company.

News of Elliott's stake-building, which emerged in a regulatory filing on Monday, suggested the fund led by Paul Singer may be betting on Faurecia launching an improved offer to squeeze out remaining shareholders.

"It's not on the agenda at this stage," a Faurecia spokesperson said by email when asked if the company would launch such an offer.

"We are satisfied with the result (of the offer that ended on Nov. 11) which allows us to move forward in the transaction, in particular with regards to the implementation of synergies," he said.

Elliott declined to comment.

Faurecia, won a bid tussle to take control of Hella in August after striking a deal with a pool of family-related Hella shareholders over their 60% stake for 60 euros ($70.75) per share, valuing the company at 6.7 billion euros.

The acquisition allows Faurecia, a supplier to brands such as Ford, Renault and Tesla, to boost its expertise in connected and electrified components. (Reporting by Gwenaelle Barzic Writing by Silvia Aloisi Editing by Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FAURECIA SE 0.00% 43.86 Real-time Quote.4.85%
HELLA GMBH & CO. KGAA 1.65% 64.2 Delayed Quote.3.55%
RENAULT -1.00% 33.545 Real-time Quote.9.82%
TESLA, INC. 1.75% 1049.61 Delayed Quote.-0.68%
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Financials
Sales 2021 15 451 M 17 640 M 17 640 M
Net income 2021 341 M 389 M 389 M
Net Debt 2021 2 998 M 3 423 M 3 423 M
P/E ratio 2021 19,5x
Yield 2021 2,07%
Capitalization 5 910 M 6 751 M 6 748 M
EV / Sales 2021 0,58x
EV / Sales 2022 0,47x
Nbr of Employees 104 739
Free-Float -
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Mean consensus BUY
Number of Analysts 18
Last Close Price 43,86 €
Average target price 53,65 €
Spread / Average Target 22,3%
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Managers and Directors
Patrick Koller Chief Executive Officer & Director
Michel Favre Group Chief Financial Officer & Executive VP
Michel de Rosen Chairman
Christophe Schmitt Executive Vice-President-Group Operations
Odile Desforges Independent Director
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