European auto parts industry set for a boost

Nanterre, France-based Faurecia will buy a 60% stake from the founding Hueck family through a mixture of cash and stock, according to a statement.

Paris: Faurecia SE agreed to buy a majority stake in German automotive supplier Hella GmbH & Co and offered to acquire the rest in an US$8bil (RM33.9bil) deal, beating out rival bidders from the European car-parts industry.

Nanterre, France-based Faurecia will buy a 60% stake from the founding Hueck family through a mixture of cash and stock, according to a statement.