Friday,
July 14, 2000
Delphi Automotive To Take Major Stake In Nissan Parts Maker
TOKYO (Nikkei)--Leading autoparts maker Delphi Automotive
Systems Corp. is wrapping up a deal to acquire a 33.4% stake
in Calsonic Kansei Corp., which is Nissan Motor Co.'s
top parts supplier, The Nihon Keizai Shimbun learned Thursday.
Such a stake would make Delphi the top shareholder in
Calsonic Kansei. Delphi would obtain the right to veto any
major changes brought up at Calsonic Kansei's shareholders
meetings, giving it effective control of the firm.
Delphi is negotiating to buy the stake from the Nissan
group, which now holds about 35% of Calsonic Kansei's stock.
The companies have exchanged memorandums on the matter, and
Delphi Chairman J.T. Battenberg III has held top-level talks
with Nissan President Carlos Ghosn.
Delphi plans to initially obtain a 32% stake in Calsonic
Kansei from Nissan and will then accumulate enough additional
shares to give it a 33.4% stake.
Delphi will soon wrap up its evaluation of Calsonic
Kansei's assets and then offer an acquisition price, which is
expected to be around 30 billion yen, to Nissan. Delphi aims
to achieve a final agreement by the end of August.
The deal will help Delphi make inroads in Japan and other
parts of Asia in the field of electronic systems, which
analysts say will be a core technology in advanced
automobiles.
(The Nihon Keizai Shimbun Friday morning edition)
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