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ZF CEO says expects further megamergers in auto supply industry
March 30, 2017 / 9:25 AM / 8 months ago

ZF CEO says expects further megamergers in auto supply industry

FRIEDRICHSHAFEN, Germany, March 30 (Reuters) - The auto supplier industry will see further megamergers in the wake of ZF’s acquisition of TRW and Intel’s acquisition of Mobileye, ZF Chief Executive Stefan Sommer said on Thursday.

The complexity of self-driving cars is forcing high tech software and semiconductor companies to team up with auto suppliers and manufacturers, a dynamic that is likely to spur more takeovers and acquisitions going forward, ZF’s CEO said.

“If you look at all of these megamergers, they have a clear deal rationale. As this is the case, and we still have companies that collaborate, and could still collaborate, I am expecting more megamergers,” Sommer told journalists gathered at the company’s annual results press conference in Friedrichshafen, Germany on Thursday. (Reporting by Edward Taylor; Editing by Harro ten Wolde)

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