On the UP: LucasVarity

Sunday 31 January 1999 00:02 GMT

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

TRW, the top US maker of automobile air bags, agreed to buy LucasVarity for $6.6bn (pounds 4bn) in cash, outbidding Federal-Mogul in the largest acquisition ever in the auto-parts industry. The offer of 288p a share is 34 per cent more than the price of LucasVarity stock last Friday, the last trading day before Federal-Mogul made public its bid of 280p a share.

TRW wants to strengthen its auto business, which provides 60 per cent of its revenue, before selling it to focus on its faster- growing space, defence and technology unit. The auto-parts industry is consolidating as companies try to expand internationally and cut costs. Federal-Mogul said it would decide whether to raise its bid after studying TRW's offer.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Stay up to date with notifications from The Independent

Thank you for registering

On the UP: LucasVarity

Join our commenting forum

Thank you for registering