June 29, 2017 / 9:11 PM / 6 months ago

BRIEF-Haldex AB board withdraws support for Knorr-Bremse bid

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:

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