Commercial vehicle supplier Wabco Holdings Inc. announced it has been approached by ZF Friedrichshafen AG and has “engaged in preliminary discussions concerning a potential transaction.”
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ZF confirmed the discussions were related to a potential takeover, according to news reports.
There can be no assurance that any agreement will be reached with respect to a transaction or that a transaction will be consummated, Brussels, Belgium-based Wabco said in a release.
The company stated that it would have no further comment “until it deems further disclosure is required.”
It issued the statement in response to what it termed rumors in the marketplace or media reports, in response to market speculation and recent appreciation in its stock price.
Wabco’s share price jumped by about $10 on Feb. 27, climbing midafternoon to $130.49.
In 2016, ZF Friedrichshafen sought to take over Swedish component supplier Haldex AB, but its bid failed.
The battle over Haldex — which also involved Knorr-Bremse — was part of a broader push by parts makers to combine to share development costs amid an industry shift toward self-driving and electric-vehicle technologies, Bloomberg News reported at the time. — Transport Topics