The Haldex Board of Directors has cleared the way for the company to be acquired by Knorr-Bremse AG and recommended the more than half a billion dollar transaction proceed.
Knorr-Bremse – the parent company of Bendix Commercial Vehicle Systems – says it is confident that it will obtain all necessary merger control approvals and has been in good dialog with relevant authorities over the past weeks.
“We appreciate that the Haldex Board has highlighted the attractiveness and the superior economics of our offer to shareholders,” says Klaus Deller, Chairman of the Executive Board of Knorr-Bremse AG.
“We are convinced that the combination of Knorr-Bremse and Haldex will benefit Haldex’ employees and customers alike. Combining competencies in the field of trucks and trailers has a compelling industrial logic as we expand our position as one of the leading systems suppliers in the industry. In addition, it will allow both companies to create an even broader, competitive product range, paving the way for profitable growth.”
Deller says the company intends to bundle its joint global trailer business under the Haldex roof going forward.
“The combination of Haldex and Knorr-Bremse will thus not only create superior value for customers and business partners, but also offer attractive prospects for both companies and their employees,” he adds.
Knorr-Bremse’s offer is subject to certain closing conditions, including an acceptance ratio resulting in Knorr-Bremse becoming owner of more than 50 percent of all outstanding Haldex shares as well as regulatory approvals.