ZF Friedrichshafen AG has announced today that it has withdrawn its public cash offer  to the shareholders of Haldex Aktiebolag. The increased offer of SEK 120 (Rs 972) in cash per Haldex share had been made public on September 16, 2016.

The acceptance period for the offer ended on 3 October 2016. As of this date, ZF’s offer has been accepted by shareholders representing 4,238,980 shares or 9.59 percent of the total share capital in Haldex.

The offer was conditional upon being accepted by Haldex’s shareholders to such an extent that ZF would become the owner of shares representing more than 50 percent of Haldex’s total share capital. As this condition has not been satisfied, ZF has decided to no longer pursue the offer.

ZF says it recognises the decision of Haldex shareholders not to accept the recommended offer and remains committed to the success of Haldex. With total shareholdings in Haldex of 21.67 percent, ZF is now the biggest shareholder in Haldex.

Dr Stefan Sommer, CEO of ZF, said: “We look forward to constructive talks with the other shareholders of Haldex over the future development of the company.”

“We will stay true to our Strategy 2025. To meet future megatrends of the industry, we will continue to invest in and expand ZF’s diverse product portfolio. However, we do not depend on any single acquisition to achieve those aims,” Sommer added.

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