Delphi Selects Umicore as Successful Bidder for Catalyst Business
TROY, Mich. - Delphi Corporation (PINKSHEETS: DPHIQ) and certain of its affiliates (collectively, “Delphi”) selected Umicore as the successful bidder for Delphi’s global original equipment and aftermarket catalyst business, Delphi officials announced today.
An auction between Umicore and Catalytic Solutions Inc. (CSI), two qualified bidders, Umicore’s offer of $75 million (subject to adjustments) was determined to be the highest and best bid. Umicore’s offer will be presented to the U.S. Bankruptcy Court for the Southern District of New York for approval on August 16, 2007. The sale to Umicore is expected to close before year-end 2007. At the hearing before the U.S. Bankruptcy Court scheduled for August 16, Delphi will also present the offer submitted at the August 8th auction by CSI to be approved as the “alternate bidder” in the event the transaction between Delphi and Umicore does not close.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.