Europe [Bedrijfsinformatie]

Clarion announces a project of Tender Offer by Hennape Six SAS, subsidiary of Faurecia


Clarion Co., Ltd. announces that following the TOB from Hennape Six SAS (a subsidiary of the Faurecia Group) targeting the shares of Clarion, the company has given a favorable opinion at a meeting of the Board of Directors held today.
As announced today by the Offeror, the Tender Offer will commence after confirmation that the procedures and actions required by domestic and foreign competition laws can be completed and that all Conditions precedent to the tender offer are fulfilled.
At the time of the takeover bid, Hennape Six and Hitachi, Ltd., the parent company of Clarion, have signed a TOB agreement under which Hitachi will submit all the shares of the company it holds, representing a percentage of ownership of 63.80%. In addition, Hennape Six and Clarion have signed an agreement that addresses relevant issues regarding cooperation between the two parties for the implementation of the transaction.
Clarion Co., Ltd. was founded in 1940. The group has since then constantly contributed to the development of the automotive equipment industry by designing, producing and distributing electronic systems, from hi-fi to safety systems and on-board information, from navigation systems, from 360 ° cameras, up to the concept of Smart Cockpit® integrating four key technologies of audio, integrated HMI, cloud computing and an automatic parking technology centered on camera technology and detection.
In this industry, technological innovations related to connectivity, autonomous driving, carsharing and electric cars are significant growth factors in a context of markets happening to meet deep structural changes.
Subsidiary of the Hitachi group since 2006, Clarion is supplying most of the car manufacturers globally. The group gathers close to 8,000 employees within 30 sites in 16 countries.
The Faurecia Group, which owns 100% of Hennape Six, is a French company headquartered in Nanterre near Paris. Faurecia ranks among the world's top 10 as a supplier of automotive parts and each of its departments is ranked in the top three worldwide: Faurecia Seating, Faurecia Interiors and Faurecia Clean Mobility. The group operates in 35 countries in 300 locations and employs 109,000 people worldwide.
The offer made for Clarion by Faurecia group follows the acquisition of the French company Parrot Automotive SAS and the Chinese company Jiangxi Coagent Electronics Co., Ltd. (Coagent), to become a leading global player in integrated cockpit solution, entering the IVI (in-vehicle infotainment system, next generation in-vehicle information and communication systems) market.
Clarion and Faurecia have deepened their mutual understanding for about one year, through discussions including technical cooperation in the areas of cockpits and sound tunings.
"We have been collaborating with the Faurecia group for many months now, and we quickly noticed how close our vision of the future was. The eventuality of our entry into the Faurecia group is great news for Clarion, and we have no doubt that the coming months will allow us to finalize this positive synergy and bring very remarkable perspectives" said Satoshi Kawamoto, chairman of Clarion Europe.