(Paris) French automotive supplier Faurecia announced on Tuesday that it will own 79.5% of its German counterpart Hella, which specializes in lighting, and that it will be able to carry out the planned integration upon completion of the ‘surgery.
The public offer announced in August was launched at the end of September. “Hella shareholders contributed a total of 21,662,359 shares during the offer period”, or 19.5% of the shares, the French group said in a press release.
With the 60% contributed by the Hueck family, founders of the German company, “Faurecia will acquire 79.5% of the Hella shares when the transaction is completed”, ie an investment of 5.3 billion euros to 60 euros per share instead of 6.7 billion for 100% of the shares, added the group.
In its press release, Faurecia “confirms the implementation of the identified synergies and the optimization plan from the first day following the completion of the transaction”.
If he can not withdraw Hella from the listing, the CEO of Faurecia Patrick Koller was delighted with this “favorable result”, in particular with regard to the status of the company limited by shares.
The finalization is expected at the beginning of the year 2022, after obtaining the agreement of the national and European competition authorities.
Nevertheless, the activist fund Elliott invited Monday to the capital of Hella, of which it took 6.6% of the capital, relaunching speculation on the title.
The merger with Hella will make Faurecia the world’s seventh largest automotive supplier with expected sales of 26.5 billion euros in 2022.