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Automotive & Mobility Newsletter Q4

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Automotive & Mobility Newsletter Q4 AUTOMOTIVE & MOBILITY Welcome to the 22nd edition of our newsletter on developments in the automotive industry published by Morgan Lewis’s automotive & Q4 | 2019 mobility team with contributions from lawyers in our offices around the globe. We counsel our automotive clients on a broad range of industry-specific issues, including matters relating to mergers and TABLE OF acquisitions, antitrust, litigation, regulatory concerns, intellectual CONTENTS property, and labor and employment. Mergers & Acquisitions .............2 This issue of Morgan Lewis AUTOMOTIVE & MOBILITY, which covers the fourth quarter of 2019, touches on significant acquisitions Antitrust ..........................3 and investments, antitrust investigations and related regulatory Regulatory. .4 measures, as well as other developments in the automotive markets. All issues of Morgan Lewis AUTOMOTIVE & MOBILITY are available at Intellectual Property ................5 www.morganlewis.com. IN THIS ISSUE Mergers & Acquisitions: Hitachi and Honda Motor to Merge Auto Parts Subsidiaries; ATC Drivetrain to Establish Joint Venture in China; Fiat Chrysler The contents of Morgan Lewis AUTOMOTIVE & and PSA to Merge; WE Solutions to Acquire Ideenion Automobil; Grammer and MOBILITY are provided for your convenience and do not constitute legal advice or create an FAWSN Group to Form Automotive Components JV; Prettl to Acquire Eckerle; attorney-client relationship. Prior results do not Ford and Mahindra to Establish India-Based JV; Volvo and Geely to Merge guarantee similar outcomes. Attorney Advertising. Combustion Engine Operations; Faurecia to Acquire Remaining 50% in JV with Morgan, Lewis & Bockius UK LLP is a limited liability partnership registered in England and Continental; Deere & Company to Acquire Unimil; Piston Automotive to Acquire Wales under number OC378797 and is a law Marion Industries; AUNDE to Acquire Reinert Kunststofftechnik; Mahindra to firm authorised and regulated by the Solicitors Regulation Authority (SRA). The SRA authorisation Fully Acquire Peugeot Motorcycles; Traton and Hino Motors to Establish number is 615176. Procurement JV; China Yongda Automobiles Services to Buy Inchcape Asia Pacific; Guangdong Wencan to Acquire the Entire Shares of Le Bélier Group; For further information, or if you would like to discuss the implications of these legal Sberbank to Invest in Artificial Intelligence Transport Startup; Volkswagen to developments, please do not hesitate to get in Invest in Aeva; Airbus to Establish JV with Local Motors Industries touch with your usual contact at Morgan Lewis. Antitrust: Pierburg and Shanghai Xingfu Motorcycle Fined for Missed Notification; www.morganlewis.com Proposed Settlement of Sanden and Tiffin Motor Approved by US Court; >> ©2020 Morgan, Lewis & Bockius LLP German Carmakers Fined for Long-Steel Purchasing Cartel; Grammer and FAWSN Group to Form Automotive Renault Trucks to Disclose Documents Related to EC Truck Components JV Antitrust Investigation Grammer AG, a Germany-based manufacturer of components Regulatory: Whistleblowing-Reward Scheme Introduced for automotive interiors, formed a JV with Changchun in China; EC Announced Long-Term Climate Neutrality Fawsn Group Co., Ltd., a subsidiary of Chinese car and truck Strategy; China to Restrict Automobile Dealers’ manufacturer FAW Group Ltd. The 50-50 joint venture, Consumption Credit Guarantee Business; EC Approved Grammer Fawsn Vehicle Parts Co. Ltd., will be active in the State Aid to Fund European Battery Business manufacture of automotive interior components. Intellectual Property: Connected Car Teaming; Standard Prettl to Acquire Eckerle Essential Patent Controversy; Ford and Volkswagen Lead Germany-based Prettl Group, active in the manufacture List of Innovators in Recent Study of metal, electronic, and lighting automotive components, has acquired Eckerle Group, a German producer of electromechanical components such as subassemblies for MERGERS & ACQUISITIONS electric motors used with window regulators, seat actuators, or wipers. The financial terms have not been disclosed. Hitachi and Honda Motor to Merge Auto Parts Subsidiaries Ford and Mahindra to Establish India-Based JV Japanese conglomerate company Hitachi, Ltd. and Japanese automaker Honda Motor Co., Ltd. concluded an agreement US carmaker Ford Motor Company and Mahindra & to merge the auto parts subsidiary Hitachi Automotive Mahindra Ltd., a carmaker headquartered in Mumbai, India, Systems with Honda affiliates Keihin Corporation, Showa have entered into an agreement to form a JV that will develop, Corporation, and Nissin Kogyo. Following a tender offer market, and distribute Ford and Mahindra brand vehicles in by Honda to make Keihin, Showa and Nissin Kogyo wholly India and further emerging markets. Mahindra will hold a owned subsidiaries, Hitachi will hold two-thirds of the new 51% stake and manage the JV’s operational activities, which, entity, with Honda owning the remaining stake. reportedly, shall also focus on the development of electric vehicles. Ford will hold the remaining 49% and contribute its current India operations, including its assembly plants ATC Drivetrain to Establish Joint Venture in China located in Chennai and Sanand. ATC Drivetrain, a remanufacturer of powertrain, electronic, and mechatronic products based in Oklahoma, formed a Volvo and Geely to Merge Combustion Engine Operations joint venture (JV) with China-based Luwote (Zhangjiagang) Swedish car and truck manufacturer Volvo Group and Power Remanufacturing Technology Co. The JV, in which Chinese motorcycle and car manufacturer Zhejiang Geely ATC will hold a 72.5% majority stake, will be active in the Holding Group Co. Ltd intend to merge their combustion remanufacturing of automotive engines and transmissions engine operations into a stand-alone business. The in the China market. combined business includes research, development, procurement, and manufacturing functions, and shall focus Fiat Chrysler and PSA to Merge on the development of next-generation combustion engines Italian-American carmaker Fiat Chrysler Automobiles and hybrid powertrains. and French carmaker Groupe PSA have signed a binding agreement providing for the full combination of their Faurecia to Acquire Remaining 50% in JV with Continental respective businesses in the form of a 50-50 merger. The French automotive components manufacturer Faurecia transaction, which is expected to close within 12 to 15 S.A. signed a Memorandum of Understanding to acquire months, will establish the fourth largest car manufacturer by the remaining 50% of SAS Automotive Systems, a JV with revenue in the world. German automotive components manufacturer Continental AG. SAS is active in the field of interior module and cockpit WE Solutions to Acquire Ideenion Automobil systems assembly. According to the Memorandum of Electric vehicle manufacturer WE Solutions, headquartered Understanding, Faurecia proposes to pay EUR 225 million in Hong Kong, has acquired German Ideenion Automobil for the 50% stake in SAS. AG for approximately EUR 36 million. Ideenion is active in the design, development, and prototyping of vehicle Deere & Company to Acquire Unimil components and accessories. Deere & Company, an Illinois-based manufacturer of agricultural, construction, and forestry machinery, diesel engines, and drivetrains (axles, transmissions, 2 gearboxes), announced its intention to acquire Unimil, a shares of Le Bélier Group, a listed French auto components privately held Brazilian company active in the aftermarket manufacturer, for EUR 251 million (USD 278 million) via a service parts business for sugarcane harvesters. two-step transaction. Pursuant to the offer letter, Wencan intends to acquire 61.96% of Le Bélier from Philippe Galland Piston Automotive to Acquire Marion Industries and Philippe Dizier, as well as the Galland family’s Copernic S.A.S. at EUR 38.18 (USD 42.21) per share. Upon completion Piston Automotive, LLC, a subsidiary of automotive parts of this first step, Wencan intends to buy the remaining free manufacturer Piston Group, headquartered in Southfield, float stock of Le Bélier by issuing a mandatory tender offer Michigan, acquired Marion Industries Inc. from EG Industries. at the same price. Ohio-based Marion Industries is active in the manufacture of brake modules for the automobile industry. The financial terms have not been disclosed. Sberbank to Invest in Artificial Intelligence Transport Startup AUNDE to Acquire Reinert Kunststofftechnik Russian Sberbank announced it will take over a 30% stake in Cognitive Pilot, a JV between Cognitive Technologies, South AUNDE Achter & Ebels GmbH, a German manufacturer of Korean carmaker Hyundai, Russia’s railway monopoly, and upholstery and technical textiles for the automobile industry, the Russian agribusiness Rusagro. The JV is active in the acquired a controlling stake in Reinert Kunststofftechnik development of technology for self-driving cars, trains, and GmbH & Co. KG, an automotive plastic parts manufacturer industrial equipment. The financial terms of Sberbank’s with production plants in Germany and Romania. The investment have not been disclosed. financial terms have not been disclosed. Volkswagen to Invest in Aeva Mahindra to Fully Acquire Peugeot Motorcycles German car manufacturer Volkswagen AG announced an Mahindra Two Wheelers Europe Ltd. (MTWE), an affiliate investment in Aeva Inc., an American startup that is active in of the Mahindra Group headquartered in Mumbai, India, the development of vision sensors for self-driving
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