STOCKHOLM Oct 5 German car parts maker ZF
Friedrichshafen said on Wednesday it will not complete
its bid for Swedish braking systems firm Haldex, after
falling well short of a reaching a 50 percent stake, a key
condition in the offer.
ZF said it currently holds 21.7 percent of Haldex shares, and
in addition it said the bid had been accepted by only 9.6
percent of shareholders.
"The shares tendered in the offer will automatically be
returned to their respective owners," ZF said in a statement.
ZF said already on Tuesday that it expected preliminary
results to show it had failed to clinch majority control.
Haldex management had recommended shareholders accept ZF's
offer, despite a higher bid from Germany's Knorr-Bremse, which
raised its offer to 125 Swedish crowns ($14.58) per share, above
the 120 crowns offered by ZF.
($1 = 8.5730 Swedish crowns)
(Reporting by Johannes Hellstrom; editing by Niklas Pollard)