Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, today announced that it and its subsidiary, Veoneer, Inc., today entered into an agreement with Cevian Capital II GP Limited (“Cevian”) regarding Cevian’s ownership of Veoneer following the spin-off, including the designation of a director to Veoneer’s board.
Autoliv announced today that its board of directors has approved the completion of the previously announced spin-off of Veoneer into an independent publicly traded company. It also announced additional individuals that are expected to serve on the board of directors of Veoneer effective as of the completion of the spin-off, including Jonas Synnergren a partner of Cevian Capital.
Pursuant to the agreement with Cevian, Autoliv and Veoneer agreed to take action for Veoneer to appoint Mr. Synnergren to Veoneer’s board following the spin-off of Veoneer and nominate him or another designee of Cevian at future annual meetings of Veoneer, subject to the terms and conditions of the agreement, including Cevian maintaining an at least 8% ownership position in the common stock of Autoliv as of the spin-off and Veoneer thereafter. Cevian has agreed to customary standstill and voting commitments under the agreement, including not acquiring more than 19.9% of the common stock of Veoneer.
The full agreement with Cevian will be filed by Autoliv on a Current Report on Form 8-K with the Securities and Exchange Commission.
This information is information that Autoliv, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the VP of Investor Relations set out below, at 17.01 CET on May 24, 2018.
