Lear eyes possible bid for Collins & Aikman - paper
Mon Aug 15, 2005 4:39 AM ET
FRANKFURT, Aug 15 (Reuters) - U.S. auto interiors supplier Lear Corp <LEA.N> is considering a bid for bankrupt rival Collins & Aikman <CKCRQ.PK>, the Automotive News industry paper reported on Monday, citing unidentified sources close to Lear.
"The sources said Lear might buy part or all of Collins & Aikman," the paper said, noting a full takeover would create North America's largest interiors supplier with combined sales that could total $13.19 billion.
Lear officials were not immediately available for comment.
Collins & Aikman, which filed for Chapter 11 protection from creditors in May only days after it warned of a significant liquidity crunch, has already received a takeover offer from privately held Plastech Engineered Products Inc.
Media reports have put the Plastech offer at around $1 billion for a company that has annual revenue approaching $4 billion.
