Knorr-Bremse Makes Takeover Bid for Haldex

Knorr-Bremse Group

Commercial vehicle supplier Haldex said Knorr-Bremse AG is the latest company to make a public takeover offer for all shares in the company.

Knorr-Bremse is offering about $13.04 per share, which is 10% higher than ZF Friedrichshafen AG’s offer of about $11.85 per share, Haldex said.

ZF Friedrichshafen’s bid values the Swedish company at $521 million, according to Bloomberg News.

This is the third public offer for the Stockholm-based company since July 14, which its board considers clear evidence of the company’s strong position and successful strategy, Haldex said Sept. 5.

Luxembourg-based SAF-Holland made an unsolicited bid for Haldex in July. That was followed by the higher bid in August from ZF Friedrichshafen, which is based in Germany.

Its board will evaluate the offer and announce its opinion on it in accordance with applicable regulations and in good time to provide the shareholders with guidance in relation to the outstanding offers for Haldex, the company said in a release.

Haldex said its expertise is in brake systems and air suspension systems for heavy trucks, trailers and buses. It called Knorr-Bremse one of the world’s leading braking technology companies.