2 Min Read
June 29 (Reuters) - Haldex AB
* Haldex AB board withdraws its support for Knorr-Bremse bid
* Haldex AB says Knorr-Bremse currently awaits outcome of european as well as U.S. competition authority investigation
* "European competition authority has expressed serious doubts concerning six of eight product areas in which Haldex AB conducts its business"
* Board makes assessment that more time would not increase likelihood of obtaining regulatory approval.
* European process has reached a stage where competition authority has provided feedback as to current status of investigation
* Board has made overall assessment that likelihood of Knorr-Bremse obtaining necessary regulatory approvals is very low
* Based on feedback from competition authority, Co's board considers probability of regulatory approval low
* Haldex AB board has decided not to assist Knorr-Bremse further in process of obtaining such approvals
* Board has decided not to assist Knorr-Bremse in continued competition investigations
* Board will also contest grant of approval by swedish securities council to extend Knorr-Bremse offer
* Board says "competition authorities very unlikely to approve acquisition" Source text for Eikon: Further company coverage: