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Visteon shares rise on talk that overseas firms will buy large stake

From detnews | May 22 , 2007

Visteon Corp. shares rose as much as 12 percent, the most in nine months, after a report that a joint venture of India's Tata AutoComp Systems Ltd. and France's Valeo SA may buy a stake in the auto-parts maker, Bloomberg News reported today.

The Business Standard newspaper in India said today that the Tata Group unit and Valeo may spend as much as $2 billion on the purchase, citing people it didn't identify. The newspaper didn't give a number of shares or percentage size of the stake.

Visteon shares rose 72 cents to $8.74 at 10:33 a.m. in New York Stock Exchange composite trading, after reaching $9. A 12 percent increase would be the stock's biggest daily gain since Aug. 3.

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