April 30, 2020 / 7:49 PM / a month ago

BorgWarner still working to close acquisition of Delphi after breach claim

DETROIT, April 30 (Reuters) - U.S. auto parts maker BorgWarner Inc and its acquisition target Delphi Technologies PLC said on Thursday they are still working to close their deal after a breach claim was leveled against Delphi.

On March 31, BorgWarner threatened to walk away from a deal to buy UK-based Delphi after Delphi drew down on a credit line without BorgWarner’s approval. The January deal valued Delphi at $3.3 billion.

The companies said in separate statements that almost matched they still hope to close the deal in the second half of 2020, but “there can be no assurance” a resolution will be reached and the deal will close.

Reporting by Ben Klayman Editing by Chris Reese

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