fte acquisition - Valeo announces its withdrawal from phase 1 in order to better address concerns from the european commission in the framework of its antitrust review

Paris, November 30, 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.