Valeo CEO: No breakup

TOKYO — Valeo SA CEO Thierry Morin called talk of breaking up the company "nonsense" and accused activist shareholder Pardus Capital Management LP of pushing the strategy for its own ends.

"The idea of dismantling the company is, in my mind, nonsense," Morin said here Friday. "This strategy is certainly not good for the company, for clients or other minority shareholders."

Management at the French auto parts supplier has been feuding with U.S. hedge fund Pardus over a plan forwarded by Pardus to sell Valeo's units. According to news reports, Pardus wants to use the proceeds to buy Visteon Corp.'s climate-control division or Japanese thermal system supplier CalsonicKansei Corp.

You can reach Hans Greimel at

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