Faurecia says the tender offer launched for Clarion on January 30 has been successful.
Clarion shareholders tendered 95.28% of their Clarion shares to Faurecia's offer. In accordance with the agreement signed on October 26, 2018, Hitachi tendered all its shares, representing 63.8% of the share capital of Clarion.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The settlement of the acquisition will take place on 7 March. Faurecia will then implement the relevant squeeze-out procedure to acquire all the remaining shares of Clarion.
"With this complementary acquisition in terms of technology offer, geographic presence and customer portfolio, Faurecia will become a leading company in cockpit electronics and systems integration," said a Faurecia statement.
"On 1 April, Faurecia will create a new Business Group headquartered in Japan, named 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, generating more than EUR2bn (US$2.3bn) of sales by 2022.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
