Valeo says bond proceeds could fund acquisitions

Newswire

Paris, July 25 (Reuters) - French car parts maker Valeo said on Friday a 350 million euro convertible bond announced earlier could allow it to make acquisitions in the electronics industry. "Some of the areas in which Valeo has expanded like in electronics necessitate tie-ups and types of skills that Valeo doesn't have," Chairman Thierry Morin told a news conference. He said he expected the industry to consolidate and that would probably start around mid-2004 when he foresaw a recovery ...

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