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Macif decides against buying Heuliez stake.

MANews-(C)2009-2010

French insurer Macif said today it will not buy a stake in local insolvent coachbuilder and contract manufacturer Heuliez, as proposed by the president of the Poitou-Charentes Regional Council.

Macif explained that its board decided against the acquisition after careful consideration of the situation.

Heuliez is looking for a solution to help it recover and save jobs. French industry minister, Christian Estrosi, said he was talking with several potential investors for Heuliez, after turn around investment group, Bernard Krief Consulting, failed to supply the EUR16m (USD22m) funding promised to Heuliez last year.

Country: France;

Sector: Motor Vehicles;

Target: Heuliez

Buyer: Macif

Type: Stakebuilding

Status: Terminated

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Publication:M & A Navigator
Date:Feb 24, 2010
Words:108
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