UPDATE 1-Visteon to buy remaining stake in Halla
July 4 (Reuters) - U.S. auto parts supplier Visteon Corp plans to take full control of its key South Korean asset Halla Climate Control Corp by acquiring the 30 percent stake it does not own for $805 million in cash.
Visteon said it will offer 28,500 Korean won ($25.09) per share, a premium of about 14 percent to Halla's last closing price. It already owns 70 percent of Halla.
The offer values Halla at about $2.68 billion. Visteon itself is valued at $1.95 billion.
"The transaction will strengthen Visteon's climate business through a more efficient operating structure," the company said in a statement on Wednesday.
Halla, a maker of air conditioning and heating for vehicles, has been considered a key asset for Visteon, which gained majority ownership of the South Korean company from Ford in 1999.
Visteon, which also has auto interiors, electronics and lighting businesses, had earlier expressed interest in taking full control of Halla.
Halla Group, once one of Korea's largest conglomerates, founded Halla Climate in a joint venture with Ford in 1986 but had to sell it and other group companies as a result of the Asian financial crisis in the late 1990s.
Goldman Sachs and Rothschild are advising Visteon.
Visteon also said it was terminating a deal to sell its interiors business to a Chinese joint venture with Huayu Automotive Systems Co Ltd.
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