Haldex board recommends takeover bid from ZF04 August 2016

ZF has confirmed today (4 August) that the board of directors of Swedish brake systems business Haldex has recommended approval of ZF’s takeover bid, valuing Haldex at SEK 4.4 billion.

ZF says the combination represents “an outstanding opportunity” for both companies to expand their drivetrain and chassis business, including brake and air suspension solutions.

Dr Stefan Sommer, ZF’s CEO, says: “We believe that our businesses are truly complementary and that a combination will offer unique value for all stakeholders.

“We are confident that we will be able to continue to develop Haldex’s market position under ZF ownership, thanks to ZF’s technological leadership, global reach and customer access, combined with Haldex’s technological competence, management skills and employees.”

Haldex had previously announced a rival bid from SAF-Holland, but had not revealed the approach from ZF.

Magnus Johansson, a Haldex board member, says: “ZF’s strong capabilities within electronics and software development, as well as global reach and customer access, offer an excellent opportunity to further develop Haldex, thereby allowing Haldex to continue its development of future braking systems and expansion of its current product portfolio.”

He adds: “The offer provides Haldex shareholders with an opportunity to realise value from their investment immediately at both high multiples and significant premium to recently traded prices of Haldex’s shares as well as a premium to the SAF-Holland offer.”

Laura Cork

Related Companies
Haldex AB

This material is protected by MA Business copyright
See Terms and Conditions.
One-off usage is permitted but bulk copying is not.
For multiple copies contact the sales team.