Tata AutoComp Systems (Taco) and French auto parts maker Valeo are believed to be in preliminary stages of discussions to acquire a stake in NYSE-listed ailing automotive supplier Visteon Corporation.
Sources close to the development said the acquisition of a stake in Visteon, which was spun off from Ford Motor Company in 2000, would cost $1.5-2 billion.
For Taco, a 12-year-old company that is an original equipment supplier to major domestic and multinational car-makers, the acquisition has a strategic fit with its operations. The company has appointed a merchant banker and is awaiting clearance from Visteon to start due diligence.
Valeo is also exploring all options, including a leveraged buyout of Visteon.
Read more in The Business Standard article.
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