Valeo is among bidders for all of Visteon but may sell some assets of the group later, the Financial Times newspaper reportedly said on Friday, citing people familiar with the situation.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“We do not have any comment on that,” a Valeo spokesman told Reuters on Friday.
The news agency noted that Valeo has declared it is looking for acquisitions and would consider all assets coming on the market.
Valeo credit protection costs rose on Thursday as a market rumour about its possible interest for Visteon resurfaced, Reuters said.
The news agency noted that Visteon on Thursday put two of its five plants in Germany up for sale in a move that will halve its German workforce of 2,800 employees. Factories in Wuelfrath and Dueren no longer fit the group’s strategy of focusing on vehicle interiors, electronics and climate controls, a spokeswoman said.
It added that Valeo chairman and chief executive Thierry Morin said on 25 July that the parts maker wanted to make acquisitions and could raise EUR2bn ($US2.56bn) to do so.
Reuters said Valeo went through a period of rapid expansion between 1980 and 2000, buying Neiman and its Paul Journee unit in the United States and the electrical systems business of ITT Industries and the automotive business of Labinal.
More recently it has stressed improving its financial performance and technological partnerships. Valeo is focusing on driving assistance, comfort enhancement and power train efficiency, the report added.
