Valeo announces withdrawal from Phase 1 to better address concerns from the European Commission in the framework of its antitrust review

Ebern, December 1st, 2016: On June 2, 2016, Valeo and Bain Capital entered into an agreement relating to the acquisition of FTE by Valeo.

The Brazilian Antitrust Authority cleared the acquisition on November 3, 2016.

In its Phase 1 review, the European Commission expressed concerns about the acquisition. After discussion with the European Commission, Valeo, in agreement with Bain Capital, has decided to withdraw its merger notification to address the European Commission’s concerns, and intends to renotify the acquisition as soon as possible, in view of getting clearance of the acquisition of FTE and closing the transaction during the course of 2017.

 

Contact

FTE automotive
Antje Haase, Corporate Communication & Marketing, +49 9531 81 3667, antje.haase@fte.de

About FTE automotive

The FTE automotive Group is your competent partner in the sector of development and production of drive train and brake system applications for the automotive industry. The company is located in all important continents and ranks among the leading OE-suppliers in the world for passenger cars and commercial vehicles worldwide. In 2015, the company achieved sales of approximately EUR 505 million.