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Germany's ZF to sell 20.11 percent Haldex stake to Knorr-Bremse
November 30, 2016 / 5:20 PM / a year ago

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

FRANKFURT, Nov 30 (Reuters) - 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’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)

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