ZF Friedrichshafen, through its wholly-owned subsidiary ZF International, has reduced its shareholding in Haldex to 20.11% of the total share capital and intends to accept Knorr-Bremse’s tender offer at SEK125 (US$13.50) in cash per share for its entire remaining stake.
The component manufacturer previously held 21.67% in Haldex and as such is its largest shareholder.
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“ZF has been and continues to be committed to creating favourable conditions for the company and its business while protecting the interests of ZF and reducing its financial exposure,” said a statement from the German supplier.
“The intention to tender supports ZF’s aim of increasing stability for Haldex, its employees and its customers.
“ZF is staying true to its strategy 2025, aimed at meeting future megatrends of the industry and will continue to invest in and expand ZF’s diverse product portfolio in the future.”
The company acquired TRW Automotive in May, last year, which was then integrated within the organisation as the Active & Passive Safety Technology Division.
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By GlobalDataThe combined business reported sales of EUR29.2bn in 2015 and now has a global workforce of around 135,000 with 230 locations in 40 countries.
