The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Takata Corp.’s selection of a bidder is running behind schedule as the shortlisted companies embark on a more thorough review of the air-bag maker behind the biggest auto safety recall, according to people familiar with the matter.
The successful bidder may only be named some time in the January-to-March quarter, the people said, asking not to be identified as the negotiations are private. Takata and its financial adviser Lazard Ltd. have asked bidders to complete the due diligence in February, two of the people said. The Tokyo-based manufacturer said last month it was working to find a buyer and finalize its restructuring plan by year-end. Shares of Takata have gained 49 percent in the past month on speculation the company may secure a buyer by the end of the year. The air-bag maker is leaning toward bids from Autoliv Inc. and Key Safety Systems Inc., people familiar with the matter have said. The two gained an edge because both have technical expertise in air-bag systems and safety equipment and automakers view them as able to lower costs and improve quality of Takata parts.