FRANKFURT (Reuters) - Shareholders in auto supplier TRW Automotive TRW.N approved a $12.4 billion takeover offer by Germany’s ZF Friedrichshafen [ZFF.UL], the companies said on Thursday, paving the way for a new global automotive supply powerhouse to rival Robert Bosch [ROBG.UL].
Shareholders representing 79 percent of TRW’s equity capital voted in favor 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 (F.N) and General Motors Co (GM.N).
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