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News > Deals
Visteon eyes Fiat unit
November 27, 2000: 1:11 p.m. ET

Report says world's No. 2 auto parts supplier in talks for Fiat parts division
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NEW YORK (CNNfn) - Visteon Corp., the auto parts supplier which was spun off from Ford Motor Co. earlier this year, is in talks to buy most of Fiat's auto parts unit for about $2.5 billion, according to a trade publication report Monday.

Automotive News, citing unnamed sources close to the talks, said Fiat is also entertaining other offers for its Magneti Marelli unit. The publication said that Fiat has received at least four proposals to buy various Magneti Marelli divisions, but only one, the Visteon proposal, which would be for the bulk of the company.

graphicThe report said that the combined 1999 sales of the Magneti Marelli units offered to Visteon were 2.75 billion euros, or about $2.3 billion, and represent about 69 percent of the company's total revenue. The report also said a deal is far from certain, but it could be announced as soon as this week.

Officials from Visteon and Fiat had no comments on the report when contacted by CNNfn.com.

"We can neither confirm nor deny that we are in negotiations," said Craig Minor, a Visteon spokesman.

Visteon (VC: Research, Estimates), the world's second largest auto parts supplier after the former General Motors unit Delphi Automotive Systems, was spun off to Ford shareholders earlier this year partly in an effort to broaden its customer base away from Ford (F: Research, Estimates).

Shares of Visteon lost 25 cents to $15.38 in midday trading Monday, while shares of Fiat lost 0.19 euro to graphic28.61 in trading in Rome. graphic

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