Harman International Industries Inc (HAR.N)
20 Jan 2017
Mon, Nov 14 2016
CHICAGO (Reuters Breakingviews) - Samsung is riding a stallion instead of a unicorn into the driverless revolution. Despite no stated cost savings, the 28 percent premium the Korean electronics group agreed to pay for connected-car supplier Harman International is reasonable. The likes of Alphabet's Google are investing heavily to invent the automotive future as General Motors and others bet on risky startups. This deal suggests there are safer ways to play a mega-trend in the making.
SEOUL Samsung Electronics has agreed to buy Harman International Industries in an $8 billion deal, marking a major push into the auto electronics market and the biggest overseas acquisition ever by a South Korean company.
* Marks biggest overseas acquisition by S.Korea group (Adds Breakingviews link)
* Deal with Samsung provides, upon termination of merger under certain circumstances, termination fee of $240 million to be payable by co Source text for Eikon: [http://bit.ly/2fRRW2c] Further company coverage:
* Samsung electronics to acquire Harman, accelerating growth in automotive and connected technologies
SEOUL, Nov 14 Samsung Electronics said on Monday it had agreed to buy Harman International Industries for about $8 billion, a deal that enables the South Korean electronics giant to expand its presence in the automotive electronics market.
* Professional solutions net sales was $240 million in q1, down 3 percent
* CEO Dinesh Paliwal's FY 2016 total compensation $16.6 million versus $13.97 million in FY 2015 - SEC filing Source text for Eikon: Further company coverage: ;))
* Paliwal is Chairman, President and Chief Executive Officer of Harman International Source text for Eikon: Further company coverage:
A former Harman International Industries Inc executive was sentenced to eight months in prison on Thursday after he admitted to trading on inside information before the company released a stronger-than-expected quarterly earnings report.
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