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,"
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)