September 19, 2017 / 8:06 AM / a month ago

ZF Friedrichshafen will not submit new bid for Haldex

FRANKFURT, Sept 19 (Reuters) - German automotive supplier ZF Friedrichshafen will not reenter the race for Swedish brake-systems maker Haldex after Knorr-Bremse dropped its 5.5 billion Swedish crown ($693 million) bid, it said on Tuesday.

“The situation has not changed for us. We are currently still the largest shareholder. At the moment, we have no reason to submit a new bid for Haldex,” ZF said in a statement. ($1 = 7.9410 Swedish crowns) (Reporting by Ilona Wissenbach; Writing by Georgina Prodhan; Editing by Christoph Steitz)

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