PARIS (Reuters) -French car parts maker Faurecia is not planning at this stage to make a new offer for minority shareholders in German takeover target Hella, a spokesperson said on Tuesday, after activist fund Elliott built a 6.6 % voting stake in Hella.
Separately, Faurecia said in a statement it would own 79.5% of lighting group Hella’s shares after its takeover offer for outstanding shares ended on Nov. 11 – below the 90% threshold it would need to delist the company.
News of Elliott’s stake-building, which emerged in a regulatory filing on Monday, suggested the fund led by Paul Singer may be betting on Faurecia launching an improved offer to squeeze out remaining shareholders.
“It’s not on the agenda at this stage,” a Faurecia spokesperson said by email when asked if the company would launch such an offer.
“We are satisfied with the result (of the offer that ended on Nov. 11) which allows us to move forward in the transaction, in particular with regards to the implementation of synergies,” he said.
Elliott declined to comment.
Faurecia, won a bid tussle to take control of Hella in August after striking a deal with a pool of family-related Hella shareholders over their 60% stake for 60 euros ($70.75) per share, valuing the company at 6.7 billion euros.
The acquisition allows Faurecia, a supplier to brands such as Ford, Renault and Tesla, to boost its expertise in connected and electrified components.
Reporting by Gwenaelle Barzic Writing by Silvia AloisiEditing by Mark Potter