DETROIT (Reuters) – U.S. auto parts maker BorgWarner Inc (BWA.N) and its acquisition target Delphi Technologies PLC (DLPH.N) said on Thursday they are still working to close their deal after a breach claim was leveled against Delphi.
On March 31, BorgWarner threatened to walk away from a deal to buy UK-based Delphi after Delphi drew down on a credit line without BorgWarner’s approval. The January deal valued Delphi at $3.3 billion.
The companies said in separate statements that almost matched they still hope to close the deal in the second half of 2020, but “there can be no assurance” a resolution will be reached and the deal will close.
Reporting by Ben Klayman; Editing by Chris Reese
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