Haldex Ritek stated on September 19, 2016 that since ZF's acquisition was easier to pass, its board of directors unanimously recommended that shareholders accept the company, not the Knorr Group. ZF has already been reviewed by antitrust agencies, and the Knorr Group’s acquisitions are at risk of not being approved.
The Knorr-Bremse Group mainly supplies brake systems for rail and commercial vehicles. Last week, it raised its price per share from 110 to 125 kronor. In 2015, it purchased TCF's ZF transmission and other auto parts for USD 12.4 billion, and raised the quotation to 120 kronor. As a result, the prices quoted by the two parties were 5.53 billion kronor ($647 million) and 5.29 billion kronor ($617 million) respectively.
Some German parts suppliers are attracted by the expertise of Jude in the field of trailer braking systems and are looking to acquire Jude to develop an integrated automated driving system for commercial vehicles.
At 11:40 of Central European Standard Time, Jude's share price slightly declined by 0.2% to 127.25 kroons, which exceeded the quotation of Knorr and ZF.
According to a statement issued by the board of directors of Jude, “ZF has stated that it has obtained all necessary regulatory approvals and permits, and Knorr’s acquisition will require the risk of veto by the regulator.â€
The Board of Directors of Ritek has previously warned that due to the coincidence between Knorr and its business, the anti-monopoly authorities may carry out a lengthy review of the acquisitions of both parties.
Klaus Deller, Knorr's chief executive, said on September 16 that he expects to obtain approval from competition regulators “in a reasonable timeâ€. However, Dai Le did not face any kind of assets that might be sold, or when the transaction was completed.
A spokesperson for ZF spokesman said on September 20th that the recommendation of the Board of Directors of Jude stated that it "has better competitiveness and can complete the acquisition more quickly." Shareholders will transfer the equity to ZF by October 3.
Knorr said that he has taken note of Jude's announcement and supported the company's decision, but plans to make further comments after reviewing the statement.
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