ZF withdraws offer for Haldex

The Knorr-Bremse offer for the takeover of Swedish braking specialist Haldex is now the only remaining bid after ZF withdrew its public cash offer this week.

ZF failed to accumulate the required share capital for takeover during the acceptance period and has therefore decided to no longer pursue the offer.

Although Haldex management had recommended shareholders accept ZF's offer, the acceptance period ended on 3 October with ZF reaching total share holdings of 21.67 per cent, which did not reach the 50 per cent holding requirement.

“We look forward to constructive talks with the other shareholders of Haldex over the future development of the company,” said Dr Stefan Sommer, CEO of ZF.

“We will stay true to our Strategy 2025. To meet future megatrends of the industry, we will continue to invest in and expand ZF’s diverse product portfolio. However, we do not depend on any single acquisition to achieve those aims.”

According to Reuters, ZF is prevented from further raising its offer for another 12 months by Swedish takeover rules.

The Knorr-Bremse offer for Haldex has the same 50 per cent requirement, and currently sits at 14.9 per cent.

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