FRANKFURT, Nov 20 (Reuters) - Shareholders in auto supplier TRW approved a $12.4 billion takeover by Germany’s ZF Friedrichshafen, the companies said on Thursday, creating a new global automotive supply powerhouse to rival Bosch.
Shareholders representing 79 percent of TRW’s equity capital voted in favour of the takeover, ZF and TRW said in a statement.
In September, ZF, which helps carmakers develop hybrid-powered drivetrains, 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. (Reporting by Edward Taylor; Editing by Christoph Steitz)