Visteon Corp. (VC: Quote) Wednesday announced a tender offer to purchase 32.0 million shares of Halla Climate Control Corp. (HCC) for an all cash transaction of 913 billion south Korean wons. Visteon will offer 28,500 south Korean wons per share, representing a premium of approximately 15 percent to HCC's share trading price on the Korean exchange on July 4.
Visteon currently holds a 70 percent ownership stake in HCC. The offer is conditioned on shareholders tendering a minimum of 26.7 million shares, for a total Visteon ownership of at least 95 percent.
The transaction will strengthen Visteon's climate business through a more efficient operating structure and demonstrates the company's commitment to a long-term, global presence in the automotive climate control sector.
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by RTT Staff Writer
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