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Wilbur Ross’ IAC Offering Delayed Until 2012

International Automotive Components Group, the auto parts supplier owned by billionaire Wilbur Ross, has delayed its initial public offering until 2012, Reuters reported, citing Bloomberg. Reuters previously reported that the company had hired America Merrill Lynch and JPMorgan to run the process. The IPO could be worth about $1.6 billion, Reuters wrote.

PRESS RELEASE
The initial public offering of billionaire Wilbur Ross’ auto parts supplier International Automotive Components Group has been put off until at least January due to the tumultuous market, Bloomberg reported on Friday, citing two people familiar with the matter.

Sources previously told Reuters that the company was readying an IPO or sale and had hired Bank of America Merrill Lynch and JPMorgan to run the process. The IPO could be worth about $1.6 billion, one source said at the time.

Spokespeople for Bank of America Merrill Lynch and JPMorgan declined comment. IAC also declined comment, saying it does not comment on speculation.

A source on Friday said that Deutsche Bank had also been hired. Deutsche Bank was not immediately available to comment on that. (Reporting by Clare Baldwin, editing by Bernard Orr)