Delphi in $1 bn bid for French auto firm

Delphi, the giant automotive supplier that was once part of General Motors, has offered just under $1 billion for the major piece of a French company that makes electronic connectors. Delphi said late Thursday it was close to completing a deal to buy the motorized vehicles division of connectors maker FCI for $972 million. "This transaction will solidify Delphi's position as one of the premier global automotive suppliers and will create significant shareholder value," said Rodney O'Neal, chief executive and president of Delphi. The motorized vehicles unit of the Guyancourt, France-based company had revenue of $1 billion in 2011, accounting for 62 percent of FCI's total $1.5 billion in revenue. Delphi added that the deal would broaden its customer base and boost its business in Asia, giving it manufacturing and engineering facilities in China, India and South Korea. Delphi was rescued from bankruptcy in 2009 by a consortium of hedge fund and private equity owners including Paulson & Co, Elliott Associates, Silver Point Capital and Oaktree Capital.