February 14, 2020 / 7:48 AM / 5 days ago

Brakes maker Haldex files complaint against Knorr-Bremse

STOCKHOLM, Feb 14 (Reuters) - Sweden’s Haldex has filed an antitrust complaint against top shareholder Knorr-Bremse arguing the rival brake systems maker’s stake is hurting its ability to do business.

The complaint against its larger German rival was filed with the European Commission and the Brazilian Competition Authority, Haldex said late on Thursday.

“The shareholding of Knorr-Bremse in Haldex has made it more difficult for the company to operate and introduce innovative solutions,” Haldex Chairman Jorgen Durban said in a statement.

“This affects both Haldex’s appeal as an investment opportunity and Haldex’s relationship with its customers and ultimately consumers. We, therefore, believe that this situation distorts competition in the industry as a whole.”

Knorr-Bremse was not available for immediate comment.

A 2016 bidding war between Knorr-Bremse and auto supplier ZF Group left the pair as Haldex’s top shareholders.

ZF sold its stake in September and is in the process of buying U.S. firm Wabco, which dominates the commercial vehicle brakes market together with Knorr-Bremse. Haldex is a distant third. (Reporting by Johannes Hellstrom; editing by Jason Neely)

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