Valeo (Paris: FR; OTC: VLEEY) Meeting on September 6, the Board of Directors of Labinal agreed, in accordance with the existing agreements between Valeo and SNECMA, to sell to Valeo all shares held by Labinal in Sylea, that is 52.89% of its capital.
The delivery and settlement of the shares took place the same day.
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On May 2, 2000, Valeo concluded an agreement with SNECMA to acquire the main automotive activities of the Labinal Group, in particular the controlling interest held by Labinal in Sylea, at a price of 54 euros per share with dividend attached (51.74 euros after payment of the dividend on July 12, 2000). Sylea is listed on the Paris Bourse’s “Second Marche”. At the same time, Valeo will acquire 100% of the capital of Filtrauto for 67.41 million euros.
SNECMA’s acquisition of Labinal and the subsequent sale of Labinal’s automotive activities to Valeo were approved by the European Commission on August 24 and August 4, respectively.
In accordance with Article 5-4-1 of the General Regulations of the Comite des Marches Financiers (CMF), Valeo intends to file on September 7 a draft offer in the form of a “Garantie de Cours” (“Communique Article 20”) with the Commission des Operations de Bourse (COB) and the CMF. Valeo and its banks for this operation, Merrill Lynch and Societe Generale, will purchase all shares not yet held by Valeo, that is 47.11% of the capital, at a price of 51.74 euros, the same price offered to Labinal, the controlling shareholder. Provided that it acquires more than 95% of the capital and voting rights, Valeo then plans to make a public offer of withdrawal followed by a mandatory withdrawal. The Board of Directors of Sylea approved the terms and conditions of this operation on September 6.
Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for cars and trucks, and ranks among the world’s top automotive suppliers. The Group has 115 plants, 39 R&D centers, 10 distribution centers and employs 55,000 people in 22 countries worldwide.
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