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Increased adoption of connectivity and applications within cars could be beneficial to the companies that supply the underlying technology and components.
Texas Instruments Incorporated
Analog Devices, Inc.
TE Connectivity Ltd.
Microchip Technology Incorporated
Maxim Integrated Products, Inc.
ON Semiconductor Corporation
Sensata Technologies Holding PLC
TTM Technologies, Inc.
Delphi Technologies PLC
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BorgWarner (BWA) issues notice to Delphi after the latter violates agreement by drawing down its full $500-million revolving credit facility.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
(Bloomberg) -- BorgWarner Inc. may back away from its $1.5 billion deal to buy Delphi Technologies Plc after the targeted auto-parts supplier tapped out its credit line without receiving permission from its acquirer.Delphi drew down its full $500 million revolving credit facility to position for the downturn related to the coronavirus pandemic, the Gillingham, England-based parts maker said Tuesday. BorgWarner gave Delphi notice that this breached their agreement announced in January and that it has 30 days to resolve the issue.“Both companies continue to believe in the long-term strategic value of the transaction and are still working together towards closing the transaction in the second half of 2020,” Delphi said. “There can be no assurance, however, that BorgWarner and the company will reach a mutually acceptable resolution or that the transaction will close.”Delphi shares plunged 26% to $7.61 as of 9:51 a.m. in New York, while automotive turbocharger specialist BorgWarner pared a gain of as much as 8.8% to trade up 1.9% to $25.05.In its statement, Delphi, which makes engine components such as fuel injection systems, also said it disputes BorgWarner’s breach assertion “on the basis that BorgWarner unreasonably withheld its consent.”BorgWarner may view Delphi’s increased borrowing as a sign that it’s struggling, Bloomberg Intelligence analyst Joel Levington said in a note this morning.“Delphi was highly leveraged with modest liquidity heading into its potential merger, making its deal with BorgWarner a critical mechanism for long-term financial viability,” Levington said. “The company’s drawdown on its bank facility is prudent, but underscores the operating challenges it faces and potential covenant issues that might arise without the merger.”(Updates with Delphi’s dispute of BorgWarner assertion in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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