TI Automotive is looking to sell. “[The] auto fuel-systems company owned by several hedge funds, is nearing a deal to sell itself to Bain Capital Partners LLC for as much as $2 billion, people with knowledge of the matter said,” report Bloomberg.
“The two sides resumed negotiations after talks broke down in November because of a disagreement over price and are finalizing loan commitments this week, said one of the people, who asked not to be named because the process is private.”
“Bain was seeking to line up as much as $1.6 billion in debt for the purchase, people familiar with the situation said last week.”
“The deal is not signed yet and will have to be agreed upon by all of the company’s shareholders, one of the people said.”
In metal price news for the automotive sector…
The week’s biggest mover on the weekly Automotive MMI® was the price of US palladium bar, which saw a 5.2 percent decline. This comes on the heels of a 1.0 percent increase the week before. Following a 1.0 percent increase in the week prior, the price of US platinum bar fell 3.4 percent last week.
The price of US HDG rose 0.5 percent over the past week. This was the third week in a row of increasing prices.
A 1.3 percent gain landed the Chinese lead price. Last week, the copper 3-month price shifted slightly on the LME, rising by 0.9 percent to close at $7,227 per metric ton. The primary copper cash price rose 0.8 percent on the LME over the past week to $7,228 per metric ton. Korean 5052 coil premium over 1050 sheet remained unchanged for the week.
The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.