auto parts manufacturers,auto parts suppliers

The Board of Directors has decided to propose the appointment of Mr. Behdad Alizadeh to stand for election as a director of Valeo at the shareholders meeting to be held on June 20, 2008, pursuant to the terms of the agreement between the Pardus investment fund and Valeo.

The principal terms of the agreement, which is annexed hereto, are summarized below.

Valeo nominates Mr. Behdad Alizadeh, a Pardus partner, to stand for election as a member of the Board of Directors.

Pardus has undertaken to address Valeo’s concerns regarding potential conflicts of interests stemming from Pardus’s shareholding in Visteon.

In particular, Pardus has agreed not to seek representation in any management bodies of or management positions in any company with activities similar to or in competition with Valeo, and in particular in Visteon and Delphi.

In addition, Pardus has agreed that its representative on the Board of Directors will not vote or participate in any deliberations of the company’s Board of Directors during which relations between Valeo and Visteon are discussed.

Moreover, Pardus will not acquire more than 10% of the capital or voting rights of any Valeo competitor (without prejudice to its shareholding in Visteon).

Pardus has agreed that it will not increase its shareholding in the company beyond 20% of the capital and voting rights.

Pardus may, however, acquire double voting rights (in accordance with statutory conditions), but has agreed to not exercise voting rights representing more than 20% during shareholders’ meetings.

If Pardus sells its shares, under certain conditions, Valeo will have a right of first offer and a pre-emption right.

The provisions in the agreement will remain in force until the end of the annual shareholders meeting of Valeo called to approve the accounts for the year ended December 31, 2011.

Nonetheless, Pardus may terminate the agreement at any time, subject to a four-month notice period.

In such case, Pardus’ representative on the Board of Directors will resign from the Board of Directors.

In the event of a tender offer by a third party for the shares of Valeo that is approved by the Autorité des marchés financiers, if the Pardus representative resigns from the Board of Directors, Pardus may immediately terminate the agreement.

The Board of Directors approved the execution of this agreement at its meeting held on May 21, 2008. The Board is pleased to nominate Mr. Behdad Alizadeh, a Pardus partner, to stand for election as a Director of Valeo at its next shareholders meeting, in order to contribute to Valeo’s long-term development.

• Valeo strengthens role in Ichikoh at Board and operational levels
• Valeo creates its first joint venture in Russia for the production of climate control systems
• TENNECO ANNOUNCES RESULTS OF 2008 ANNUAL SHAREHOLDER MEETING
• Valeo: 2008 Combined Annual General Shareholders’ Meeting
• Bosch plans to acquire majority stake
• Ford Motor’s 2008 Annual Meeting of Shareholders
• Bosch and Samsung SDI Co. Ltd. plan joint venture to develop and manufacture lithium-ion batteries
• Tata BP Solar wins the Golden Peacock Award for Occupational Health and Safety – 2008
• Bosch Rexroth acquires majority stake in Chinese pneumatics company Easun
• MONRO MUFFLER BRAKE, INC. DECLARES QUARTERLY CASH DIVIDEND
• Visteon discusses alternative refrigerant options at SAE symposium
• Tata Motors announces BOD meeting
• BAJAJ AUTO RESULTS: FINANCIAL YEAR 2007-08
• Bajaj PRESS RELEASE
• Dollar Thrifty Automotive reports Q1 2008 results
• Bosch Mahle Turbo Systems—Authorities approve joint venture for exhaust gas turbochargers
• Visteon & 3M features proximity sensing & touch-sensitive haptic controls
• BMW Museum re-opens after total refurbishment.
• German auto parts manufacturers value the Chinese market
• STATEMENT: FORD MOTOR COMPANY COMPLETES THE SALE OF JAGUAR LAND ROVER TO TATA MOTORS