FRANKFURT Nov 30 German auto supplier ZF
Friedrichshafen said it had agreed to sell a 20.11
percent stake in Swedish brake systems firm Haldex to
rival bidder Knorr-Bremse.
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.
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, 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)