Well known automotive supplier Valeo has announced that 32,383,612 Ichikoh shares have been tendered to its offer, raising its stake in the Japanese vehicle lighting and wing mirror supplier to 55.08 per cent.
As a result Valeo effective owns Ichikoh and can thus take control of Japan’s leading automotive lighting company, which will remain listed on the Tokyo Stock Exchange. Ichikoh will be fully consolidated by Valeo as of 1 February 2017.
Jacques Aschenbroich, Valeo’s chairman and chief executive officer, said: “I am proud to welcome Ichikoh’s 5,300 employees to the Valeo family. Thanks to the takeover of Ichikoh, Valeo is strengthening its relationship with Japanese customers and continuing to expand in Asia – particularly in Japan and Southeast Asia – which will account for nearly a third of Group sales.”