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ZF makes cash offer for Haldex
ZF has make a public offer for Haldex Aktiebolag, a supplier of brake products and air suspension systems for commercial vehicles. The ZF offer values Haldex at SEK 4.4 billion (EUR ).
ZF has obtained an undertaking to accept the offer from Göran Carlson, the Chairman of the Board of Directors of Haldex, being the largest shareholder of Haldex representing 5.7 percent of the total number of shares and votes in Haldex. The offer has been unanimously recommended by Haldex’s Board of Directors. Dr. Stefan Sommer, Chief Executive Officer of ZF, said: “We believe that our businesses are truly complementary and that a combination will offer unique value for all stakeholders. We are confident that we will be able to continue to develop Haldex’s market position under ZF ownership, thanks to ZF’s technological leadership, global reach and customer access, combined with Haldex’s technological competence, management skills and employees.” Magnus Johansson, Board member and spokesperson of the Board of Haldex, said: “ZF’s strong capabilities within electronics and software development as well as global reach and customer access offer an excellent opportunity to further develop Haldex, thereby allowing Haldex to continue its development of future braking systems and expansion of its current product portfolio.” “The offer provides Haldex shareholders with an opportunity to realise value from their investment immediately at both high multiples and significant premium to recently traded prices of Haldex’s shares as well as a premium to the SAF-Holland offer,” Magnus Johansson added. The offer is conditional, among other things, upon being accepted by Haldex's shareholders to an extent that ZF becomes the owner of more than 90 percent of the outstanding shares in Haldex. The announced transaction is further subject to approval from competition authorities.