Technology company, WABCO, has welcomed the decision by its shareholders to approve the company’s acquisition by ZF Friedrichshafen, a privately held global technology company and systems supplier for passenger cars, commercial vehicles and industrial technology.
At a special meeting of WABCO's shareholders held this week in New York, holders representing 68.44 per cent of the company’s shares outstanding voted in favour of adopting the proposed merger agreement. Overall, 71.97 per cent of WABCO's shareholders participated in the vote.
“We are very pleased that WABCO’s shareholders have supported our merger plans recognising that the ZF transaction offers a compelling strategic fit to advance the requirements of our industry, while also providing certainty of value and liquidity for our shareholders,” said WABCO Chairman and CEO, Jacques Esculier.
The proposed merger remains subject to further customary closing conditions and regulatory approvals. ZF and WABCO continue to expect to close the transaction in early 2020. This merger will bring together two global technology leaders serving OEMs and fleets in the automotive and commercial vehicle industry, combining WABCO’s capabilities in commercial vehicle safety and efficiency, including technologies involved in vehicle dynamics control, active air suspension systems, and fleet management systems with ZF’s leading position in mobility technologies for cars and commercial vehicles.
(Image: WABCO Chairman and CEO, Jacques Esculier.)