Reuters logo
UPDATE 1-TRW shareholders approve $12.4 bln takeover by ZF
November 20, 2014 / 12:16 PM / 3 years ago

UPDATE 1-TRW shareholders approve $12.4 bln takeover by ZF

* TRW shareholders representing 81 pct of equity capital vote

* Shareholders representing 79 percent vote in favour

* ZF TRW transaction approved by committee on foreign investment (Adds company statement about regulatory approval)

FRANKFURT, Nov 20 (Reuters) - Shareholders in auto supplier TRW Automotive approved a $12.4 billion takeover offer by Germany’s ZF Friedrichshafen, the companies said on Thursday, paving the way for a new global automotive supply powerhouse to rival Robert Bosch.

Shareholders representing 79 percent of TRW’s equity capital voted in favour of the deal, ZF and TRW said in a statement.

In September, ZF, which is controlled by an unlisted foundation and helps carmakers develop hybrid-powered drive trains, made a $105.60 in cash offer for each TRW share.

TRW, based in Livonia, Michigan, is a global maker of air bags, electronics, and braking and steering equipment for cars. It sells to nearly all major automakers, including Ford Motor Co and General Motors Co.

ZF Friedrichshafen supplies chassis components, gearboxes and sensors to companies including Audi AG and BMW.

The companies said they had received notification from the Committee on Foreign Investment in the United States, which found there were no unresolved national security concerns with respect to the proposed acquisition.

The transaction remains subject to further customary closing conditions, including antitrust clearances.

ZF and TRW said they expect the transaction to be completed in the first half of calendar year 2015. (Reporting by Edward Taylor; Editing by Christoph Steitz and Michael Urquhart)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below