Visteon To Return Up To $2.75 Billion To Shareholders After HVCC Stake Sale Completed

Visteon Corp. said on Friday that it plans to return between $2.5 billion and $2.75 billion of cash to shareholders, after the sale of the auto parts maker's 70% stake in Halla Visteon Climate Control Corp. is completed. The company said the return of cash will be in the form of share repurchases and a special distribution. Visteon expects the return to be completed within 12 months of the completion of the HVCC stake sale. Separately, Visteon said it received all antitrust approvals required for its sales of its HVCC stake to Hankook Tire Co., which is an affiliate of South Korean private equity company Hahn & Co. Visteon's stock, which was still inactive in premarket trade, has lost 11% year to date, while the S&P 500 has eased 0.1%.