German company, Knorr-Bremse, has announced a public take-over offer for Swedish braking expert, Haldex.
Knorr-Bremse is reportedly offering SEK110 (€11.54) per share in the company, which is ten per cent more than ZF’s latest offer of SEK100 (€10.49) per share and valuing the business at SEK4.86 billion (€509 million).
Knorr-Bremse’s proposal marks the third time for Haldex to receive a take-over bid in less than two months, which the Haldex Board considers “clear evidence of the company’s strong position and successful strategy”.
In mid-July, SAF-Holland had made an all-cash offer worth SEK4.2 billion (€440 million) for the Swedish brake and suspension systems group, but was beaten by ZF’s bid in early August.
Haldex said it will evaluate the offer and announce its opinion “in good time to provide the shareholders with guidance”.
According to Knorr-Bremse, uniting the two businesses would create “one of the leading systems suppliers with a clear focus on the commercial vehicle business and attractive growth opportunities for both companies”.
In an official statement, Klaus Deller, Chairman of the Executive Board of Knorr-Bremse AG, commented: “Haldex's globally renowned expertise in brake and air suspension components for the trailer segment ideally complements the Knorr-Bremse product portfolio, which comprises not only braking, steering and powertrain systems, but also driver assistance systems, automated driving functions and telematics.
“Haldex has an impressive position in the trailer market as well as a strong product portfolio and will play a key role in our company. [Together], we aim at creating a world-class systems supplier for commercial vehicles serving our customers as a single source for an even wider range of innovative systems, connected solutions and customized services. In addition, we will play a driving force in our industry as it transforms towards autonomous driving.”