(Reuters) — U.S. buyout firm KKR & Co (KKR.N) is no longer in the bidding to buy Takata Corp (7312.T), the Japanese parts maker at the center of the world’s biggest auto recall, said a person who was briefed on the bidding process.
KKR did not attend meetings last week among bidders and the carmakers key to Takata’s survival, the person told Reuters. The four other bidding groups include Bain Capital, a U.S. buyout firm that teamed up with Japanese chemical maker Daicel Corp (4202.T), sources have said.
Takata is seeking a financial investor to help it restructure as the industry faces liabilities of $10 billion or more from recalls involving defective air-bags. They have been linked to at least 15 deaths worldwide when the bags’ inflators rupture with explosive force, spewing shrapnel into passenger compartments.
A spokesman for Takata and investment bank Lazard Ltd (LAZ.N), which is advising Takata on the bidding, declined to comment. KKR officials could not immediately be reached.