ZF out of bidding war for Haldex05 October 2016
ZF has confirmed this morning (5 October) that it has withdrawn its offer to acquire Swedish braking systems business Haldex.
Since July, ZF has been in a battle with Knorr-Bremse to buy Haldex.
ZF’s latest bid of SEK 120 per share was conditional on acceptance by 50% of Haldex shareholders. Despite Haldex’s board unanimously recommending that shareholders accept the ZF offer, it had only achieved 10% by the close of business on 3 October.
Dr Stefan Sommer, CEO of ZF, said: “To meet future megatrends of the industry, we will continue to invest in and expand ZF’s diverse product portfolio. However, we do not depend on any single acquisition to achieve those aims.”
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