Report: ZF Could Acquire TRW

ZF Friedrichshafen AG has made a preliminary overture to buy Michigan-based TRW Automotive Holdings Corp., according to Bloomberg News, which cites unidentified sources.

TRW confirms it has received an offer but has not identified the bidder. The company and ZF declined to comment on Bloomberg's report.

The news service says the companies haven't discussed a price. But ZF values TRW at roughly €8 billion-€9 billion, according to one of Bloomberg's sources.

Talks are in an early stage. If they result in a deal, the merger could be ZF's largest ever and the auto supplier industry's biggest takeover since Continental acquired Siemens' VDO Automotive unit seven years ago.

ZF and TRW posted sales in 2013 of €16.8 billion and €12.8 billion, respectively. ZF makes driveline and chassis systems. TRW specializes in airbags and electronic safety and driver-assist systems.