LUXEMBOURG — SAF-Holland is offering $495 million (USD) to buy Swedish company Haldex AB to create a new integrated company for chassis-related commercial vehicle components.
The offer is conditional upon being accepted by Haldex’ shareholders to an extent that SAF-HOLLAND becomes the owner of more than 90% of the outstanding shares in Haldex.
“Together, we would form a one-stop shopping solution provider for a wide range of components, from Electronic Braking System modules installed together with brakes to axles systems combined with suspensions,” announced Detlef Borghardt, CEO of SAF-Holland. “In addition, the transaction would significantly strengthen the aftermarket position of the combined group and allow both companies to jointly establish a clear front-runner position in the high-margin, low-cyclical aftermarket business,” added Borghardt.
Luxembourg-based SAF made a cash bid of about $14.25 (CDN) for each share in the Swedish brakes and air suspension systems maker, a premium of 11% over the closing price before the proposal, the company announced.