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Knorr Bremse holds 86.1 stake in Haldex
December 7, 2016 / 7:41 AM / a year ago

Knorr Bremse holds 86.1 stake in Haldex

FRANKFURT (Reuters) - German auto supplier Knorr-Bremse [STELLG.UL] on Wednesday said it holds an 86.1 percent stake in Swedish brake systems firm Haldex (HLDX.ST) after rival ZF Friedrichshafen [ZFF.UL] withdrew from a takeover battle.

Knorr said the acceptance period for a 5.53 billion crowns (473.48 million pounds) bid for the Swedish group has been extended until Feb. 28, 2017.

Knorr is in talks with merger control authorities to seek approval for a deal, Chief Executive Klaus Deller said.

“Based on the open dialog with the authorities we are confident that we will obtain all necessary merger control approvals,” he added.

Knorr’s 125 crowns per share offer was conditional upon Knorr-Bremse obtaining more than half of Haldex shares.

Reporting by Edward Taylor; Editing by Christoph Steitz

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