Valeo SA (VLEEF.PK,VLEEY.PK) and Siemens AG's (SI) lighting unit, Osram, have agreed on option contract pursuant to which, if the reciprocal options are exercised by Osram or Valeo early 2014, Valeo would eventually acquire Osram shares in the companies' joint operations in North America. Till then, Valeo and Osram would continue operating in North America under a 50% - 50% joint venture.
Also, both the firms have agreed to reinforce their global cooperation in automotive lighting business with a global strategic supply deal. The completion of the transaction would be subject to approval by the competent antitrust authorities.
Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for the automotive industry, mainly for CO2 emissions reduction.
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