Germany's ZF to sell 20.11 percent Haldex stake to Knorr-Bremse

Z F Steering Gear (India)

30/11/2016 17:09

FRANKFURT, Nov 30 (Reuters) - German auto supplier ZF 
Friedrichshafen  ZFF.UL  said it had agreed to sell a 20.11 
percent stake in Swedish brake systems firm Haldex  HLDX.ST  to 
rival bidder Knorr-Bremse  STELLG.UL . 
    ZF and Knorr-Bremse have been locked in a bidding war over 
Haldex since early September, but ZF failed to win majority and 
has been reviewing its options.  urn:newsml:reuters.com:*:nL5N1CA3XI 
    The companies have been looking to buy Haldex to gain access 
to its expertise in brakes for trailers as they seek to develop 
integrated autonomous driving systems for commercial vehicles. 
    Haldex's board has recommended shareholders accept 
Knorr-Bremse's bid. 
    Knorr-Bremse, which makes braking systems for rail and 
commercial vehicles, is offering 125 crowns per share for 
Haldex, corresponding to 5.53 billion crowns. The offer expires 
on Dec. 5. 
    ZF on Wednesday said it will accept the 125 crowns per share 
offer for its entire remaining stake.  
 
 (Reporting by Maria Sheahan; Editing by Edward Taylor) 
 ((maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters 
Messaging: maria.sheahan.thomsonreuters.com@reuters.net)) 
 
Keywords: HALDEX AB M&A/ZF FRIEDRICH