Hitachi car navigation unit Clarion: Sale to France’s Faurecia S.E.
Leading Japanese law firm Nishimura & Asahi advised car-navigation system maker Clarion Co., Ltd. on its acquisition by French car parts maker Faurecia S.E., one of the world’s leading automotive-technology companies, from Hitachi, Ltd. through a tender offer and subsequent squeeze out.
As part of this transaction, Faurecia and Hitachi Automotive Systems, Ltd., which develops, makes, sells and services automotive components and systems, have also reached an agreement for a business alliance within which Clarion and Hitachi Automotive will combine to propose unique autonomous driving solutions to automotive industry OEMs.
Hitachi intends to tender its 63.8% controlling stake in Clarion to the takeover offer. After the completion of the tender offer, Faurecia will invest in Clarion’s technology and research and development, and maintain and develop Clarion’s competitive edge in the field of cockpit electronics, as well as contribute to Clarion’s further development by realizing synergies through collaboration in Faurecia’s other business fields and taking the lead in transforming the company.
- Related links
- Press release (Clarion Website)