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BREAKING NEWS

France's Faurecia to buy Clarion, launch business group in Japan

France's Faurecia to buy Clarion, launch business group in Japan
FILE PHOTO: French car parts supplier Faurecia's logo is seen during the company's investor day in Paris, France, April 19, 2016. REUTERS/Charles Platiau/File Photo -
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(Reuters) - French auto equipment supplier Faurecia SA said on Friday shareholders of Japan's Clarion Co Ltd have tendered 95.28 percent of the car equipment maker's shares in its offer. The French company said it will complete the acquisition process on March 7, and follow a squeeze-out procedure to buy the remaining shares in Saitama-based Clarion.

On April 1, Faurecia will launch a Japan-based business group named "Faurecia Clarion Electronics", which will regroup Clarion, Parrot Faurecia Automotive and Coagent Electronics, the company explained.

The group plans to employ nearly 9,200 people and over 1,650 software engineers, as well as generate over 2 billion euros (1.72 billion pounds) of sales by 2022, Faurecia said.

(Reporting by Zuzanna Szymanska in Gdynia, Editing by Sherry Jacob-Phillips)

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