Stake sale could value Hella at $9.4 billion – Bloomberg News

Posted on
FILE PHOTO: The logo of Hella, a global developer and manufacturer for the automotive industry, is seen at the headquarters of Hella in Lippstadt, Germany, May 12, 2019. REUTERS/Wolfgang Rattay/File Photo

(Reuters) -The looming sale of a 60% stake in Hella could value the German automotive lighting group at about 8 billion euros ($9.4 billion), Bloomberg News reported here on Monday, citing unidentified people familiar with the matter.

French car parts suppliers Faurecia SE and Cie Plastic Omnium SA are competing in the final bidding round and are planning capital increases to fund a potential deal, the report said.

Hella declined to comment when contacted by Reuters. Faurecia and Cie Plastic did not immediately respond to requests for comment.

Shares in Hella closed 11.2% higher, giving it a market value of 7.5 billion euros. Hellaโ€™s founding Hueck family has asked for binding offers for the stake by Aug. 11, two people familiar with the matter have said.

Shares in Faurecia and Plastic Omnium closed down 4% and 3.5%, respectively.

Sources told Reuters in June that Plastic Omnium and Faurecia had expressed an interest in buying the 60% stake, which would trigger a takeover bid for the remaining shares under German stock market regulation.

($1 = 0.85 euros)

Source: Read Full Article

Markets