October 5, 2016 / 6:36 AM / a year ago

ZF drops bid for Haldex after failing to win majority

STOCKHOLM, Oct 5 (Reuters) - German car parts maker ZF Friedrichshafen said on Wednesday it will not complete its bid for Swedish braking systems firm Haldex, after falling well short of a reaching a 50 percent stake, a key condition in the offer.

ZF said it currently holds 21.7 percent of Haldex shares, and in addition it said the bid had been accepted by only 9.6 percent of shareholders.

“The shares tendered in the offer will automatically be returned to their respective owners,” ZF said in a statement.

ZF said already on Tuesday that it expected preliminary results to show it had failed to clinch majority control.

Haldex management had recommended shareholders accept ZF’s offer, despite a higher bid from Germany’s Knorr-Bremse, which raised its offer to 125 Swedish crowns ($14.58) per share, above the 120 crowns offered by ZF. ($1 = 8.5730 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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