Faurecia : Hella a good deal ?
Two weeks ago, Faurecia agreed to buy the Hueck family’s 60% controlling stake in German peer Hella and to launch a public tender offer for the remaining shares in a deal valued in total at about € 6.7bn. In this note, we shall elaborate on the deal which we think is an opportunity not to be missed, as it will allow Faurecia to follow the industry’s megatrends and narrow the gap with the best peers, although some weaknesses will persist. What with the reaffirmed ratings and stron...Faurecia is an automobile equipment supplier based in France. Co.'s activities can be divided into four business units: Automotive Seating (design of vehicle seats, manufacture of seating frames and adjustment mechanisms, and assembly of complete seating units); Emissions Control Technologies (design and manufacture of exhaust systems); Interior Systems (design and manufacture of instrument panels, door panels and modules, and acoustic components); and Automotive Exteriors (design and manufacture of front ends and safety modules). Some of Co.'s customers are PSA Peugeot Citroen, VW Group, Renault-Nissan, Ford Group, BMW and GM Group.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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