Johnson Controls says still wants Visteon

NEW YORK Fri Jun 4, 2010 6:49pm EDT

Related Topics

NEW YORK (Reuters) - Johnson Controls Inc (JCI.N) said on Friday it is still interested in acquiring auto parts supplier Visteon Corp VSTNQ.PK after its unsolicited $1.25 billion bid was rejected this week.

Johnson Controls said in a news release that it sent Visteon a letter in which it said it remains interested in pursuing its proposal. It gave no further details.

On Tuesday, Visteon rejected Johnson's approach for most of its assets, saying it would stick to its own plan for emerging from bankruptcy.

Johnson Controls had offered to acquire Visteon's auto interior and auto electronics business in cash, a surprise bid that analysts said underscored expectations for a steady recovery in global auto sales.

Visteon, a major supplier to Ford Motor Co (F.N), has used bankruptcy to overhaul its operations as well as its balance sheet, and its first-quarter profit soared to $233 million from $2 million a year earlier.

(Reporting by Steve James, editing by Leslie Gevirtz)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.