Valeo has issued a short statement saying the French supplier and Osram have agreed on an option contract by which, if the reciprocal options are exercised by either in early 2014, Valeo would be committed to acquire Osram shares in the companies’ joint operations in North America.

Until then, Valeo and Osram will continue operating in North America through a 50%:50% joint venture.

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“Valeo and Osram have also agreed to reinforce their cooperation in [the] automotive lighting business with a global strategic supply agreement,” said the Valeo statement.

“The closing of the transaction will be subject to approval by the competent antitrust
authorities.”

A statement from Osram noted: “Valeo, Paris, and Osram, Munich, entered into a put and call option agreement according to which Valeo can acquire 100% of their joint operations in North America in early 2014.

“In parallel they agreed to reinforce their global cooperation in [the] automotive lighting business.”

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