The longest winning stretch in 14 years ended on Monday as European stocks slipped.
The Stoxx Europe 600
declined 0.5%, after having closed higher for 10 consecutive trading days. The European index had not registered that achievement since a run that ended on Dec. 15, 2006.
That said, the index has edged up just 3% during this 10-day stretch. It’s up 19% this year.
Faurecia will first buy a 60% stake from Hella’s majority owners, and then tender for the remainder.
“With no minimum acceptance threshold set and Faurecia acquiring the voting majority from the owning family, we expect that neither Faurecia will raise its offer nor that another bidder will make a higher one,” said analysts at Stifel led by Alexander Wahl. The offer values Hella at 12 times enterprise value-to-EBITDA, they said.