Worth reading
82Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
50
Hundreds of millions of yenWording
Conditional
How definitive the wording is.This transaction
Name of transactionCounterpartyLEO III.-VV25-B SAS
Disclosing companyJTEKT Corporation
The voting-rights ratio is the share of the votes exercisable at a shareholders’ meeting that will be held after this transaction.
TimelineThe spacing between the points is proportional to the actual number of days.
Target company
Oversight of the European business; manufacture and sale of steering systems and steering components, Manufacture of automotive parts, Manufacture and sale of steering systems and steering components, Manufacture and sale of steering systems, Holding Company, Manufacture and sale of automotive drivetrain components (Torsen), Manufacture and sale of automotive drivetrain components (Torsen)
Location Head office: Irigny, France / Lyon plant: Irigny, France / Dijon plant: Chevigny Saint Sauveur, France, Valentigney, France, Pardubice plant: Pardubice, Czech Republic, Tanger, Morocco, Strepy-Bracquegnies, Belgium, Strepy-Bracquegnies, Belgium, Rochester, NY, USAShare capital €168.575 million, €10 million, CZK603.084 million, MAD97.938 million, €25.953 million, €11.1 million, $1.021 million
Net Sales€950.014 million (FY2025), €55.931 million (FY2025), CZK9,451.751 million (FY2025), MAD1,408.191 million (FY2025), €23.862 million (FY2025), Not disclosed, $17.348 million (FY2025)
Operating profitOperating loss of €87.499 million (FY2025), Operating income of €2.895 million (FY2025), Operating income of CZK54.091 million (FY2025), Operating loss of MAD2.58 million (FY2025), Operating loss of €3.512 million (FY2025), Not disclosed, Operating loss of $2.88 million (FY2025)
Net income for the current fiscal yearNet loss of €114.003 million (FY2025), Net income of €2.078 million (FY2025), Net income of CZK23.11 million (FY2025), Net loss of MAD14.525 million (FY2025), Net loss of €3.479 million (FY2025), Not disclosed, Net loss of $1.795 million (FY2025)
Net assetsNet assets of negative €126.272 million (FY2025), Net assets of €12.699 million (FY2025), Net assets of CZK744.02 million (FY2025), Net assets of negative MAD8.562 million (FY2025), Net assets of €13.018 million (FY2025), Not disclosed, Net assets of $32.767 million (FY2025)
Consideration and expenses
Acquisition priceNot applicable (the transfer consideration is nominal)
Type of ConsiderationCash (nominal consideration)
Amount of extraordinary income (loss)An extraordinary loss of ¥5 billion in the non-consolidated financial statements for the fiscal year ending March 2027
Impact on Business Performance
A loss of ¥5 billion, recorded as other expenses, is expected to be recognized in the consolidated financial statements for the fiscal year ending March 2027. A loss of ¥5 billion, recorded as an extraordinary loss, is expected to be recognized in the non-consolidated financial statements. The impact has been incorporated into the earnings forecast.
Procedures and assumptions
Conditions Precedent to ExecutionApproval by the relevant regulatory authorities
| Item | Details |
|---|---|
| Transaction name | Name of transaction |
| Counterparty name | LEO III.-VV25-B SAS |
| Name of the Subject Company | JTEKT EUROPE S.A.S., JTEKT COLUMN SYSTEMS FRANCE S.A.S., JTEKT CZECH REPUBLIC S.R.O., JTEKT AUTOMOTIVE MOROCCO S.A.S., JTEKT TORSEN HOLDINGS S.A., JTEKT TORSEN EUROPE S.A., JTEKT TORSEN NORTH AMERICA, INC. |
| Business Description of the Subject Company | Oversight of the European business; manufacture and sale of steering systems and steering components, Manufacture of automotive parts, Manufacture and sale of steering systems and steering components, Manufacture and sale of steering systems, Holding Company, Manufacture and sale of automotive drivetrain components (Torsen), Manufacture and sale of automotive drivetrain components (Torsen) |
| Location of the Subject Company | Head office: Irigny, France / Lyon plant: Irigny, France / Dijon plant: Chevigny Saint Sauveur, France, Valentigney, France, Pardubice plant: Pardubice, Czech Republic, Tanger, Morocco, Strepy-Bracquegnies, Belgium, Strepy-Bracquegnies, Belgium, Rochester, NY, USA |
| Capital Stock of the Subject Company | €168.575 million, €10 million, CZK603.084 million, MAD97.938 million, €25.953 million, €11.1 million, $1.021 million |
| Net Sales of the Subject Company | €950.014 million (FY2025), €55.931 million (FY2025), CZK9,451.751 million (FY2025), MAD1,408.191 million (FY2025), €23.862 million (FY2025), Not disclosed, $17.348 million (FY2025) |
| Operating Profit of the Subject Company | Operating loss of €87.499 million (FY2025), Operating income of €2.895 million (FY2025), Operating income of CZK54.091 million (FY2025), Operating loss of MAD2.58 million (FY2025), Operating loss of €3.512 million (FY2025), Not disclosed, Operating loss of $2.88 million (FY2025) |
| Net Income of the Subject Company | Net loss of €114.003 million (FY2025), Net income of €2.078 million (FY2025), Net income of CZK23.11 million (FY2025), Net loss of MAD14.525 million (FY2025), Net loss of €3.479 million (FY2025), Not disclosed, Net loss of $1.795 million (FY2025) |
| Net Assets of the Subject Company | Net assets of negative €126.272 million (FY2025), Net assets of €12.699 million (FY2025), Net assets of CZK744.02 million (FY2025), Net assets of negative MAD8.562 million (FY2025), Net assets of €13.018 million (FY2025), Not disclosed, Net assets of $32.767 million (FY2025) |
| Acquisition price | Not applicable (the transfer consideration is nominal) |
| Type of Consideration | Cash (nominal consideration) |
| Number of shares acquired | All shares and equity interests in the companies subject to the transfer (number of shares: Not disclosed) |
| Voting rights ownership percentage | Before 100％ → after 0％ |
| Amount of extraordinary income (loss) | An extraordinary loss of ¥5 billion in the non-consolidated financial statements for the fiscal year ending March 2027 |
| Impact on Business Performance | A loss of ¥5 billion, recorded as other expenses, is expected to be recognized in the consolidated financial statements for the fiscal year ending March 2027. A loss of ¥5 billion, recorded as an extraordinary loss, is expected to be recognized in the non-consolidated financial statements. The impact has been incorporated into the earnings forecast. |
| Contract Date | 26 May 2026 (local time) |
| Execution Date / Effective Date | Around the end of August 2026 (scheduled) |
| Conditions Precedent to Execution | Approval by the relevant regulatory authorities |
Items this document does not state (13)
Date of Establishment of the Subject CompanyExpenses other than the acquisition priceMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodFunding arrangementsGoodwill amountDate of board resolutionValuation methodologyIndependent valuation institutionSpecial CommitteeManagement structure after acquisition
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.To reorganize and integrate the business in the European market under the Second Medium-Term Management Plan, improve profitability and achieve profitability.
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