Published on 1 Mar 2022 on Zacks via Yahoo Finance
Auto Stock Roundup: Acquisition News of MTOR and TEN Draw the Most Attention
The multibillion-dollar takeover news of the auto parts suppliers Meritor MTOR and Tenneco TEN made big headlines last week. In two landmark deals that have jolted the industry, engine maker giant Cummins CMI is set to acquire Meritor for $3.7 billion, while Apollo Funds will buy Tenneco for $7.1 billion. Apart from the announcement of these blockbuster deals, earnings release by used vehicle e-retailer Carvana CVNA and automotive replacement parts manufacturer Standard Motor SMP also made to the top stories.
Meanwhile, the European Automobile Manufacturers Association released January 2022 data for commercial car registrations last week. The European Union (EU) commercial vehicle market contracted 11.1% in January to 125,292 units, representing the seventh straight month of decline. The decline largely stemmed from sluggish sales of new vans. Three of the four key EU markets — namely Spain, France and Germany — witnessed a decline, with Spain recording the steepest drop of 20.1% year over year. While registrations in France and Germany inched down 17% and 3.1%, respectively, Italy’s sales remained almost unchanged with the comparable year-ago period.
Last Week’s Top Stories