Valeo acquires 98% of Sylea

PARIS -- Valeo SA has bought 98.46 percent of car wiring maker Sylea SA's shares, and will apply for permission to make a compulsory offer for the rest, the company said on Friday.

Valeo bought 53 percent of Sylea in September last year as part of its takeover of the automotive activities of Labinal, a French aeronautic equipment company.

The move was part of Valeo's plan to boost profits by providing a greater proportion of complete electrical and electronic systems for its automaker customers rather than only individual parts.

Sylea's board approved the acquisition and eventual squeeze-out on Sept. 6, 2000. Last year, Sylea posted sales of 1.3 billion euros.

Valeo employed banks Merrill Lynch and Societe Generale to help it mop up the remaining stock.

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