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German car parts maker ZF gains EU okay for $7 billion Wabco buy

Reuters

BRUSSELS (Reuters) - German car parts maker ZF Friedrichshafen [ZFF.UL] secured on Thursday unconditional EU antitrust approval for its $7 billion (£5.3 billion) bid for U.S. rival Wabco <WBC.N> aimed at reinforcing its expertise in autonomous-driving technologies.

The European Commission said the deal raised no competition issues in the 28-country bloc.

ZF, which helps carmakers develop gearboxes and hybrid drivetrains, tried to acquire Wabco, maker of advanced driver assistance systems for trucks and trailers, in 2017 but the attempt was opposed by its controlling shareholder the Zeppelinstiftung.

(Reporting by Foo Yun Chee; editing by Philip Blenkinsop)