July 3, 2017 / 9:57 AM / a year ago

Knorr-Bremse offers to sell assets to win EU approval for Haldex bid

BRUSSELS - German car parts maker Knorr-Bremse [STELLG.UL] has offered to sell assets, among other concessions, in an effort to win EU antitrust approval for its proposed takeover of Sweden’s Haldex (HLDX.ST), which no longer supports the deal.

A European Commission filing, which did not provide any details, showed that Knorr-Bremse put in its proposed “remedies” on June 30, and scrutiny of the 4.86-billion Swedish crown ($574 million) deal had been extended to July 24 from July 7.

The EU competition authority can either accept the concessions, demand more or open a four-month long investigation, something Knorr-Bremse has already warned of.

Knorr said on Friday it was prepared to offer “significant remedies”, in all areas that the Commission sees as problematic, but did not specify what these would be.

It said it had received indicative bids for assets it could sell and had given the Commission a “comprehensive divestiture commitment”.

Last week, Haldex withdrew its backing for the bid, citing the low probability of EU approval.

    Additional reporting by Irene Preisinger and Maria Sheehan in Frankfurt; editing by Louise Heavens and Alexander Smith

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