Oberthur Technologies, the French credit card technology and banknote company, has hired an adviser to consult the company's board following a failed bid for a U.K. rival, De La Rue PLC.
James Hussey, the former chief executive of De La Rue, will act as an adviser to Oberthur Chairman Jean Pierre Savare, Oberthur said Wednesday.
Hussey's "detailed understanding of the market and long-standing relationships across the industry will be invaluable to Oberthur as we seek to continue to grow our banknote and security printing business," Savare said in a press release. Despite press and analyst speculation, Oberthur has "no intention of making an offer for De La Rue PLC," he said.
Oberthur dropped it bid for De La Rue in January after the U.K. company rejected its offers.
Hussey stepped down as De La Rue's CEO in August after the company experienced production errors stemming from paper it uses in printing.
