ZF eyes sale of stake in Haldex, ending ownership stalemate

Europe

STOCKHOLM — Germany’s ZF Friedrichshafen said on Thursday it would look to sell its 20 percent stake in brake systems maker Haldex in a move which could end the ownership deadlock in the Swedish supplier dating back to a bidding war in 2017.

ZF said in a statement it was making good progress with its new strategic focus in the commercial brakes area. “As a result of this, ZF is considering options to divest its stake in Haldex AB, subject to market conditions,” it said.

Haldex was the target of a heated takeover battle between ZF and Knorr-Bremse in 2016 and 2017 which failed to end up in a deal and left the two German companies jointly owning around a third of the company, complicating other potential bids.

Shares in Haldex rose 3 percent to 59.40 crowns by 09:17 am GMT but has still lost more than half of its value since the end of the bid battle between the German rivals.

Haldex is the global number three in brake systems for commercial vehicles behind its far bigger rivals Knorr-Bremse and U.S. Wabco, which ZF agreed to buy earlier this year.

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