ZF Drops Haldex Bid

ZF Friedrichshafen AG has withdrawn its offer to buy brake system supplier Haldex AB at 120 kronor ($14) per share.

Fewer than 10% of Haldex shares (4.2 million) were tendered before the offer expired on Oct. 3. ZF says it won’t acquire those shares. But the powertrain supplier separately amassed a 21.7% stake in Haldex, which makes it the company’s largest stockholder.

ZF says it looks forward to “constructive talks” with other shareholders about Haldex’s future.