France has taken a 5.2% stake in Valeo, with its investment bank also looking to appoint a member to the supplier’s board in the coming weeks.
The French government’s body, Bpifrance, through its Bpifrance Participations division says the move is a significant vote of confidence in Valeo’s move to address megatrend issues such as electrification and autonomous vehicles.
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“We are delighted to be taking a stake in Valeo, French champion of the automotive sector, whose position is strategic, in particular with technologies reducing CO2 emissions,” said Bpifrance director general, Nicolas Dufourcq.
“Bpifrance will be committed to the Group for the long term, convinced it presents significant growth perspective.”
Valeo added it welcomed Bpifrance’s decision to be a long-term shareholder, noting it would help strengthen the Group’s position in electrification, autonomous vehicles and digital mobility.
“We are delighted to welcome back Bpifrance as a long-term institutional shareholder, to accompany the Group in its development,” said Valeo chairman and CEO, Jacques Aschenbroich.
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By GlobalData“Bpifrance’s renewed stake in Valeo’s share capital sends a strong signal about the solidity of our strategy, which is focused on delivering innovative products in a fast-changing automotive market.”
