BorgWarner on Tuesday, January 28, announced it will acquire fellow auto supplier Delphi Technologies in an all-stock transaction that values Delphi at about US$3.3 billion, reported the Wall Street Journal.
Shares of London-based Delphi, which was spun-off from General Motorsroughly two decades ago, skyrocketed more than 62% in morning trading Tuesday to nearly US$16 a share. Shares of Auburn Hills, Michigan-based BorgWarner were down about 7% to roughly US$35.50.
The two major auto suppliers have entered into a definitive transaction agreement that has been approved by the boards of directors of both companies. The transaction is expected to close in the second half of 2020, according to the companies.
Mr. Enria spoke at an event to announce the ECB’s annual review of bank capital levels. Six banks fell short of requirements, up from one last year, but Mr. Enria said he was “broadly satisfied” with the results. Non-performing loans fell to €543 billion (US$598 billion) at the end of September from about €1 trillion (US$1.1 trillion) five years ago.
Full Content: Wall Street Journal
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