Faurecia Makes Tender Offer for Nav System Supplier Clarion

French auto supplier Faurecia SA says it will make a tender offer tomorrow to buy audio and nav system supplier Clarion Co.

Faurecia signaled its intention in October to acquire Clarion from Tokyo-based Hitachi Ltd. The plan, designed to expand the company’s capacity to integrate vehicle cockpit electronic systems, has since cleared antitrust regulatory review.

Clarion shareholders will be able to tender their shares by the end of February at 2,500 yen ($22.90) each. Hitachi, which owns 64% of Clarion, has agreed to tender its entire holding.

After acquiring Clarion, Faurecia intends to form a new business group, headquartered in Japan and called Faurecia Clarion Electronics. The entity will consist of a “regrouped” Clarion, Parrot Faurecia Automotive and Coagent Electronics.

The new group will employ more than 9,000 people, including nearly 1,700 software engineers. Faurecia already employs 109,000 people in 35 countries who supply vehicle seating, interior systems and sustainable mobility products.