Faurecia says it will launch its tender offer for the acquisition of all shares of Clarion following clearance from relevant antitrust authorities.

Clarion shareholders will be offered to tender their shares by 28 February this year at a price of JPY2,500 (US$23) per Clarion share.

“The board of Clarion fully supports Faurecia’s tender offer and recommends its shareholders to tender their shares to Faurecia’s offer,” said a Faurecia statement.

“Pursuant to the agreement signed on October 26, 2018, Hitachi committed to tender all of its shares, representing 63.8% of the share capital of Clarion, to Faurecia’s offer.

“Faurecia intends to implement a squeeze-out procedure to acquire all the remaining shares of Clarion, to the extent needed after the tender offer process.”

With the acquisition of Clarion, Faurecia intends to create a new Business Group headquartered in Japan, to be known as Faurecia Clarion Electronics, regrouping Clarion, Parrot Faurecia Automotive and Coagent Electronics.

The Business Group will employ almost 9,200 people and more than 1,650 software engineers.