STOCKHOLM, Sept 19 Braking systems maker Haldex
said on Monday its board had unanimously recommended
that shareholders accept a takeover bid from Germany's ZF
Friedrichshafen despite it being lower than the rival
offer from rival Knorr-Bremse.
The board cited a higher deal certainty with ZF, as it has
already received antitrust clearances, and said the offer from
Knorr-Bremse ran the risk it would not clear all regulatory
Knorr-Bremse, which makes braking systems for rail and
commercial vehicles, raised its offer to 125 crowns per share on
Friday, while ZF's upped its bid to 120 crowns, corresponding to
5.53 billion crowns ($647 million) and 5.29 billion crowns,
"ZF has announced that it has received all necessary
regulatory approvals and clearances, whereas there is a very
real and material risk that Knorr-Bremse's offer would fail to
complete," Haldex's board said in a statement.
Several German car parts makers have been looking to buy
Haldex, keen on its expertise in brakes for trailers in
particular as they seek to develop integrated autonomous driving
systems for commercial vehicles.
($1 = 8.5530 Swedish crowns)
(Reporting by Johannes Hellstrom; editing by Jason Neely)