FRANKFURT, Oct 4 (Reuters) - German car parts maker ZF Friedrichshafen on Tuesday said preliminary results from its takeover bid are expected to show it has failed to clinch majority control over Swedish braking systems maker Haldex.
“We expect that the condition of reaching an acceptance threshold of more than 50 percent will not be reached,” a spokesman for ZF said, adding that an exact result should be published on Wednesday.
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 ($14.54) per share, above the 120 crowns offered by ZF.
German daily Handelsblatt was first to report that ZF had failed to clinch majority control over Haldex.
Haldex declined to comment. ($1 = 8.5947 Swedish crowns) (Reporting by Ilona Wissenbach and Edward Taylor in Frankfurt and Johannes Hellstrom in Stockholm; Editing by Georgina Prodhan)