Germany’s SAF Holland has new go at buying Swedish brakes maker Haldex – Reuters

June 8, 2022 by No Comments

COPENHAGEN, June 8 (Reuters) – German automotive supplier SAF Holland on Wednesday announced a 3.2 billion Swedish crowns ($326 million) cash bid for Swedish brakes maker Haldex , and won immediate support from the board of the takeover target.

SAF Holland said it would offer Haldex shareholders 66 Swedish crowns per share in cash, a premium of 46.5% compared to Tuesday’s closing price.

SAF-Holland in 2016 made a first attempt to buy Haldex as part of a German bidding war for the Swedish group. When it withdrew its bid at the time, it said it was keeping its options open for its existing stake.

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Car parts makers Knorr-Bremse and ZF Friedrichshafen also failed in their takeover attempts in 2016.

Haldex in a statement on Wednesday said its board, unlike in 2016, unanimously recommended the bid.

$1 = 9.8074 Swedish crowns)

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Reporting by Stine Jacobsen and Anna Ringstrom, editing by Terje Solsvik

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/markets/deals/germanys-saf-holland-takeover-bid-swedish-brakes-maker-haldex-2022-06-08/

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