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Stock Market & Financial Investment News

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June 12, 2014
08:04 EDTVCVisteon extends contract of CEO Timothy D. Leuliette through 2017
Visteon has extended the employment contract of president and CEO Timothy D. Leuliette through 2017. His current contract was set to expire Dec. 31, 2015. Leuliette has served as president and CEO since Oct. 1, 2012.
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March 27, 2015
08:33 EDTVCVisteon receives antitrust approvals for sale of interest in HVCC
Visteon announced that it has received all antitrust approvals required for the previously announced sale of its approximately 70% ownership interest in Halla Visteon Climate Control Corp. to an affiliate of Hahn & Company and Hankook Tire. The purchase price for the sale is 52,000 KRW/share of HVCC, less the fiscal 2014 dividend of 970 KRW/share. Following completion of the transaction, Visteon intends to return between $2.5B and $2.75B of cash to its shareholders through a structured series of actions including share buybacks and a special distribution, which could include a large return of capital as a primary component, minimizing taxes for shareholders. Visteon expects this series of actions to be completed within 12 months following the completion of the transaction. Visteon also announced that it has entered into an amendment and waiver to its credit agreement, dated as of April 9, 2014, with Citibank, N.A. as administrative agent, and certain lenders party thereto. The amendment, among other things, provides for certain changes to the credit agreement to account for Visteon's sale of its ownership interest in HVCC.

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