UK markets open in 4 hours 54 minutes
  • NIKKEI 225

    26,762.91
    +270.94 (+1.02%)
     
  • HANG SENG

    22,073.53
    +354.47 (+1.63%)
     
  • CRUDE OIL

    107.49
    -0.13 (-0.12%)
     
  • GOLD FUTURES

    1,836.60
    +6.30 (+0.34%)
     
  • DOW

    31,500.68
    +823.28 (+2.68%)
     
  • BTC-GBP

    17,170.62
    -333.30 (-1.90%)
     
  • CMC Crypto 200

    460.24
    +6.34 (+1.40%)
     
  • ^IXIC

    11,607.62
    +375.42 (+3.34%)
     
  • ^FTAS

    3,975.07
    +100.39 (+2.59%)
     

Haldex shares soar as SAF Holland bids $325 million

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

STOCKHOLM (Reuters) -German automotive supplier SAF Holland said it was offering 3.2 billion Swedish crowns ($325 million) in cash for all the shares it does not own in Stockholm-listed Haldex, sending shares in the brakes maker surging more than 40%.

Haldex said its board unanimously recommended the bid, calling the 66 crowns per share offer "a fair cash price". Shareholders representing 22.5% of Haldex have undertaken to accept the offer.

It is SAF Holland's second go at acquiring Haldex after a failed attempt in a bidding war in 2016. German rivals Knorr-Bremse and ZF Friedrichshafen also failed in their takeover attempts.

Haldex shares spiked 44% in Wednesday morning trade to 64.80 crowns, just under the offer price.

In addition to the 22.5% of shares that SAF Holland has secured agreements for, the German company said it has already acquired 14.1% of Haldex's outstanding shares. Of that 9.2% was purchased from top shareholder Knorr-Bremse.

$1 = 9.8074 Swedish crowns)

(Reporting by Helena Soderpalm, Stine Jacobsen and Anna Ringstrom, editing by Terje Solsvik and Edwina Gibbs)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting