Mergers - Acquisitions - Takeovers

Porsche hedge-fund lawsuit faces dismissal in Germany

Feb. 26, 2015 15:14 CET
Hedge funds seeking 1.2 billion euros ($1.4 billion) in damages from Porsche SE in Germany over its failed attempt to take over carmaker Volkswagen Group in 2008 will likely have their case dismissed, according to a German judge....
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Lithia Q4 net income jumps 50% as it makes acquisitions top priority

9:38 am U.S. ET | Feb. 25, 2015
Strong sales across all divisions and the integration of its purchase last year of DCH Auto Group pushed Lithia Motors' net income up 50 percent during the fourth quarter....
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ZF offers EU concessions in $13.5 billion TRW deal

Feb. 20, 2015 13:36 CET
ZF Friedrichshafen has offered concessions in a bid to secure European Union approval for its $13.5 billion takeover of TRW Automotive Holdings....
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Delphi's thermal unit is bought by Mahle for $727 million

4:40 am U.S. ET | Feb. 19, 2015
German auto supplier Mahle has agreed to buy rival Delphi's air conditioning business for $727 million, expanding its thermal management expertise as cars make greater use of electric motors and batteries that need special cooling....
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JAMIE LaREAU

Buyers make big bets on dealerships in a seller's world

9:55 am U.S. ET | Feb. 18, 2015
You know it is a seller's market when the seller can dictate all the shots, and I mean all the shots. I was speaking to a buy-sell adviser this week, who shared an unsolicited anecdote because this adviser was so awe struck by it....
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Supplier Chassix misses 2nd bond payment; creditors concerned

8:46 am U.S. ET | Feb. 17, 2015
After missing a payment of more than $17 million to bondholders this month, Chassix has asked the bondholders to organize and retain advisers -- and a creditor's filing asserts that the company is taking steps toward a possible bankruptcy....
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Lithia, DCH build on the other's strengths

12:01 am U.S. ET | Feb. 16, 2015
Just over four months after Lithia Motors closed on its deal to buy DCH Auto Group's 27 dealerships, the two groups are busy sharing best practices and instituting a new culture at DCH....
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Car dealer wannabes must pay the price

12:01 am U.S. ET | Feb. 16, 2015
Last month medical industry entrepreneur Taseer Badar became a dealer the way most do these days: by forking out huge sums, in this case to Gerald Hollingsworth for his Mercedes-Benz, BMW and Mazda stores. The deal illustrates the twists and big bucks involved in buy-sells today....
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Renault delays AvtoVAZ consolidation

Feb. 12, 2015 17:19 CET
Renault may delay adding Russian unit AvtoVAZ to its books, insulating the company from the country's political and economic turmoil. Renault originally intended to consolidate AvtoVAZ, which builds Ladas, this year but finance chief Dominique Thormann said that probably will not happen in 2015....
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Audi buys Ballard fuel-cell tech to boost clean-car push

Feb. 11, 2015 16:27 CET
VW Group's Audi unit bought fuel-cell technology from Ballard Power Systems in a deal worth as much as $112 million to advance development of clean-running vehicles at the automaker. Audi bought about 700 patents from Ballard....
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MIKE COLIAS

How much damage can GM's financial 'fortress' sustain?

1:54 pm U.S. ET | Feb. 10, 2015
Marauders are storming GM's “fortress balance sheet.” Or at least, they're knocking loudly on the door....
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Penske Automotive pushes further into commercial vehicles

1:12 pm U.S. ET | Feb. 10, 2015
Penske Automotive Group is putting its attention and investment dollars deeper into the commercial vehicle business. The company announced today its US-based commercial-vehicle dealership business will be called Penske Commercial Vehicles, US....
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Group 1's adjusted Q4 net hits record; GAAP operating profits, net fall

8:56 am U.S. ET | Feb. 5, 2015
Group 1's fourth-quarter adjusted net income rose 41 percent to a record $41 million, on an 11 percent rise in revenue, the nation's third-largest auto retailer said today....
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EDITORIAL

New players are changing rules of retailing game

12:01 am U.S. ET | Feb. 2, 2015
If the deal by Warren Buffett's Berkshire Hathaway to buy the Van Tuyl Group wasn't enough of a signal, certainly the agents of billionaire George Soros' investment fund and other investor groups prowling the floors of the National Automobile Dealers Association convention in San Francisco last month removed all doubt. Bigger players have checked into the game....
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THE NEW FACE OF RETAIL?

Moguls, superrich families and private-equity titans prowl for dealerships

12:01 am U.S. ET | Feb. 2, 2015
First Warren Buffett. Then George Soros. Who's next? Outside investors are shopping for auto retailers in greater numbers - and with larger checkbooks - than the industry has ever seen....
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Bosch says automotive sales rose 9% in 2014

Jan. 30, 2015 11:30 CET
Bosch said revenue at its automotive division rose 9 percent to 33.3 billion euros ($37.7 billion) last year, boosted by growth in sales of car safety, fuel-saving technology and infotainment systems. The supplier also said it is looking at acquisitions for its non-automotive businesses to reduce dependence on the car industry....
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Group 1 and Prestige settle Fla. buy-sell dispute

3:50 pm U.S. ET | Jan. 29, 2015
A dispute between Prestige Motor Car Imports and Group 1 Automotive over a buy-sell deal in Florida gone wrong is settled and the deal is back on -- for now, both sides said....
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Over-the-air auto software updates opens market to acquisitions

2:47 pm U.S. ET | Jan. 28, 2015
Over-the-air software updates -- a no-fuss, no-muss infotainment feature popularized by Tesla Motors -- is rapidly spreading to the entire auto industry, fueling high-price acquisitions in the segment....
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TI Automotive to be acquired by Bain for $2.4 billion, report says

8:36 am U.S. ET | Jan. 27, 2015
Global fuel systems supplier TI Automotive, after months of wrangling and speculation, said today it has agreed to be acquired by private equity firm Bain Capital LLC. The deal is valued at $2.4 billion, sources told Bloomberg....
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Soros is ready to move on auto dealerships

3:40 pm U.S. ET | Jan. 26, 2015
Wall Street powerhouse Soros Fund Management is ready to move on a deal to acquire auto dealerships, a representative of the fund said at a private dinner Saturday in San Francisco, according to two sources who attended the event. Soros is prepared to invest as much as $1 billion on dealerships, one of the sources said....
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Dana sells Venezuelan unit amid exchange rate trouble

4:05 pm U.S. ET | Jan. 26, 2015
As Venezuela’s automotive industry continues to falter amid exchange rate problems, powertrain supplier Dana Holding today said that it has sold its Venezuelan unit, CA Danaven....
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EDITORIAL

Be bold, spend big -- and don't go overboard

12:01 am U.S. ET | Jan. 26, 2015
Dealers, automakers and suppliers enter the new year on an investment kick....
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RICHARD JOHNSON

A new Gold Rush sweeps over California

12:45 pm U.S. ET | Jan. 25, 2015
Like Warren Buffett and George Soros, so-called hybrid buyers -- private equity funds and super-wealthy families and combinations of the two -- are on the hunt for dealership deals. This new category of dealership buyer could turn out to be as transformational as the six public groups that rolled up a significant part of the industry almost 20 years ago....
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AMY WILSON

How to get a deal done

2:00 pm U.S. ET | Jan. 25, 2015
One of the reasons it might be a great time to sell your dealership? Some of the private equity groups scouting auto retail are so eager to put their investors' money to work, they'll overpay, says Tim York, managing partner of accounting firm Dixon Hughes Goodman....
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George Soros' Wall Street fund shops for dealership groups

10:30 pm U.S. ET | Jan. 24, 2015
Wall Street fund Soros Fund Management wants to partner in, invest in or outright buy a large auto dealership group, according to four sources familiar with the situation. Two representatives of Soros Fund Management are at the NADA convention in San Francisco this weekend to research the industry and explore opportunities, sources say....
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