Indian conglomerate Hinduja is in talks to buy a controlling stake in Valeo for up to USD1.5 billion dollars, according to a report in an Indian newspaper.
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The Business Standard newspaper said that officials from Hinduja’s bus and truck maker Ashok Leyland met representatives from Valeo in Paris last week to discuss the offer.
The newspaper said that a Hinduja Group spokesman in Mumbai said the report was ‘speculative’ and declined further comment.
Valeo has recently seen behind the scenes arguments over strategy between its existing board and New York City hedge firm Pardus, which has amassed a 19.7% stake in the company.
There has also been speculation of a coming together of Valeo and Visteon (Pardus has a significant stake in Visteon) and Pardus is also believed to be experiencing troubles with some of its investments.
