A Visteon Corp (VC.N) hedge fund shareholder that will get two board seats soon has been pushing to break up the U.S. auto parts supplier, betting the company has more value in pieces than as a whole, people close to the situation said. Visteon's management previously rejected calls for a breakup by the shareholder, Alden Global Capital, and other hedge fund investors, arguing its businesses are closely intertwined and it would be costly and complicated to split up and sell those businesses, these people said. Visteon, a former Ford Motor Co (F.N) subsidiary, is among nearly 50 U.S. auto parts suppliers that went bankrupt during the financial crisis only to emerge under the ownership of hedge funds and distressed-sector investors that typically do not own firms for the long-term. As the auto industry rebounds from its recession lows, these funds have seen the value of their investments rise substantially and are now looking to take the profits home.
Visteon Corporation (Visteon) is a supplier of climate, interiors and electronics systems, modules and components to automotive original equipment manufacturers (OEMs) worldwide. Shares of VC fell by 0.63% or $-0.44/share to $68.98. In the past year, the shares have traded as low as $50.76 and as high as $76.61. On average, 593457 shares of VC exchange hands on a given day and today's volume is recorded at 160273.
Ford Motor Company (Ford) is a producer of cars and trucks. Shares of F fell by 2.11% or $-0.2975/share to $13.82. In the past year, the shares have traded as low as $10.45 and as high as $18.97. On average, 61864200 shares of F exchange hands on a given day and today's volume is recorded at 17601876.
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