Haldex Back ZF's Takeover Bid

Swedish brake system supplier Haldex SA has unanimously recommended that its stockholders accept a bid from ZF Friedrichshafen AG to buy their shares at 120 kronor ($14) each.

ZF’s 5.3 billion-kronor ($619 million) offer trails a bid of 125 kronor ($15) per share from brake system supplier Knorr-Bremse AG. The two have been counterbidding over the past three months.

Haldex’s board reiterates to shareholders that the latter offer is certain to trigger lengthy antitrust analyses and could be blocked. ZF’s bid has cleared regulatory reviews already. Knorr-Bremse predicts approval in a “reasonable” period if its $5.5 billion-kronor ($647 million) prevails.​