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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Visteon Corporation | NASDAQ:VC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.33 | 2.09% | 113.495 | 113.12 | 114.29 | 113.495 | 111.99 | 112.38 | 9,195 | 15:00:37 |
Visteon Corp. said Tuesday it has completed the $3.6 billion sale of its stake in Halla Visteon Climate Control Corp. and unveiled an accelerated $500 million share buyback program.
Visteon announced plans in December to sell its 70% stake in the company to an affiliate of South Korea-based private-equity firm Hahn & Co. and Hankook Tire Co.
Shares of Visteon gained 2.4% in premarket trading to $108.50.
The deal was part of Visteon's broader effort to focus on its cockpit electronic ecosystems businesses and connected car segment.
Visteon on Tuesday detailed its plans to return up to $2.75 billion to shareholders through buybacks and distributions over the next year.
Due to U.S. tax rules, Visteon said it plans to limit buybacks to $500 million this year, which it plans to carry out through an accelerated repurchase program. The company also expects to make a special distribution next year.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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