Italy's Sogefi steps away from ThyssenKrupp asset sale
MILAN Nov 27 (Reuters) - Italian car components maker Sogefi said on Tuesday it has ended talks to buy ThyssenKrupp's suspension business, Eibach Federn.
"We have decided not to continue," said Sogefi Chairman Rodolfo De Benedetti. "We are focused on organic growth, especially in emerging markets. There are no acquisition talks on the table."
ThyssenKrupp was in talks to sell the springs and stabilizers business, which was carved out of its Bilstein Group unit, to Italy's Sogefi for 100-200 million euros ($129-259 million), Reuters reported on April 19.
The talks had focused on Eibach Federn's non-European businesses and were contingent on ThyssenKrupp selling the European assets of the company separately, a person familiar with the situation told Reuters on Tuesday.
Sogefi is the second-largest worldwide producer of suspension components, which accounted for 47.2 percent of its revenue of 1.15 billion euros ($1.49 billion)in 2011. France is its largest market, with 21 percent, followed by South America (20.8 percent) and Germany (13.7 percent).
Sogefi's chief executive Emanuele Bosio has expanded Sogefi's business in high-growth markets such as Brazil, India and China to offset sluggish growth in Europe. ($1 = 0.7733 euros) (Reporting by Jennifer Clark and Stephen Jewkes; Editing by Louise Heavens)