PARIS -- Valeo has not received an approach from U.S. private equity house Blackstone, the French car part maker said on Thursday.
The company confirmed Chief Executive Thierry Morin told Morgan Stanley's European Auto Conference on Wednesday that no approach had been made, following persistent press rumors that Blackstone was preparing a leveraged buyout.
Morin also told the conference that pressure from high raw material prices remained an issue, but had eased from the first quarter, when they stripped 1.1 percent from the company's net profit, Morgan Stanley said in a note.
This should ease by 20 to 30 basis points in the second quarter, Morin told the conference.
In April, the company posted a 76 percent fall in first-quarter profit, as high raw material costs continued to weigh.