ZF has announced a public offer for Haldex Aktiebolag, a supplier of brake products and air suspension systems for commercial vehicles. It will offer SEK 100 per Haldex share in cash, valuing Haldex at SEK 4.4 billion.
ZF has obtained an undertaking to accept the offer from Göran Carlson, Chairman of the Board of Directors of Haldex, being the largest shareholder representing 5.7 per cent of the total number of shares and votes in Haldex.
A business combination of Haldex and ZF means an outstanding opportunity for both companies to jointly expand their value to the customer in the supply for commercial vehicles in the field of drivetrain and chassis, including brake and air suspension solutions as well as for future megatrends in mobility as outlined in ZF’s Strategy 2025.
With Haldex’s brake systems for commercial vehicles, ZF would be able to cover the whole functional chain of commercial vehicles in line with “See-Think-Act” – the aim of ZF’s technology is to enable vehicles to see, think and act autonomously – and transfer fuel efficiency, autonomous driving and safety systems technologies known from passenger cars to commercial vehicles. This will result in more safety for all traffic participants.
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, commented: “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.”
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 per cent of the outstanding shares in Haldex. The transaction is further subject to approval from competition authorities. ZF will file the transaction with the relevant authorities shortly.
ZF Group signs up with Telangana for India Technical Centre
ZF Friedrichshafen AG has signed a Letter of Intent with the Telangana government to set up a new Technical Center in Hyderabad. The new Technology Center will be dedicated to electronics embedded software and mechanical engineering. The center will support ZF’s global development teams while enabling the company to accelerate local product development supporting ZF automotive and non-automotive operations and customers in India.