UPDATE 1-Valeo says fund takeover interest not hostile


(Adds Pardus comment, credit derivatives, updates share) By Marcel Michelson PARIS, March 23 (Reuters) - French car parts group Valeo said on Friday that a takeover approach from an investment fund was not hostile but denied speculation the company's management was engineering a buy-out. "The offer is not hostile," Valeo spokeswoman Kate Philipps said, adding the offer was also not "solicited" by management but that the team led by executive Chairman Thierry Morin would play a role in ...

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