July 3, 2017 / 9:52 AM / 2 months ago

Knorr-Bremse offers concessions in bid for EU approval for Haldex deal

BRUSSELS, July 3 - Knorr-Bremse has offered concessions in a bid to win EU antitrust approval for its takeover of Haldex as the German car parts maker continued its pursuit of the Swedish peer in spite of the lack of Haldex management's support.

Knorr-Bremse put in its offer on June 30, according to a filing on the European Commission website which did not provide details in line with its policy. It extended its scrutiny of the deal to July 24 from July 7.

The EU competition authority can either accept the concessions, demand more or open a four-month long investigation if it has deep concerns about the deal.

Knorr-Bremse, which has already warned about the likelihood of a lengthy EU investigation, may be attempting to stave it off with its concessions.

Last week, Haldex pulled its backing for the 4.86-billion Swedish crown ($573.79 million) bid, citing the low probability of EU approval.

$1 = 8.4700 Swedish crowns) (Reporting by Foo Yun Chee, editing by Louise Heavens)

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