September 7, 2017 / 6:12 AM / 2 months ago

Swedish Security Council rejects extension of Knorr-Bremse bid for Haldex

STOCKHOLM, Sept 7 (Reuters) - The Swedish Securities Council on Thursday turned down German brake systems maker Knorr-Bremse’s request for an extension of the acceptance period of its bid for Swedish rival Haldex, a major setback to Knorr’s takeover efforts.

Knorr-Bremse was seeking an extension until Feb. 9, 2018. The current deadline is for Sept. 26. The proposed was opposed by Haldex board.

EU regulators have opened an in-depth investigation into the proposed deal. They initially had Nov. 30 as a deadline to make a decision, but that deadline has been suspended. (Reporting by Helena Soderpalm; editing by Niklas Pollard)

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