ZF announced last week that it has initiated the process of divesting its holding in Haldex, as part of its plans to acquire WABCO.
While the news that a sale was to be expected was first heard in early September, Haldex Chairman Jörgen Durban says he was surprised the process went so quickly.
“I might go so far as to call it an early Christmas present to both Haldex and our customers,” Durban said. “If I could wish for another, it would be that Knorr-Bremse should now be inspired by the message and begin the process of selling its stake as well.”
It was after the stock exchange’s closing on Thursday, Sept. 19 that ZF announced it was initiating the process of divesting its holding in Haldex.
“We knew that ZF was very anxious to remove everything that was in the way of getting the Wabco deal approved by the competition authorities, but I am still surprised that they have moved with such high pace to solve this in only one week,” Durban said.
Haldex says it believes that Thursday’s sale will open more doors for strategic partnerships. In that regard, the message also comes at an almost optimal time since more and more people are starting to realize that the entire industry is currently facing a shift in technology with self-driving and electrification as the key components, according to Durban.
“The fact is that Haldex has an advantage in certain technology areas linked to the technology shift. However, one of our owners having had interests in two competing players on the brake market has meant that we were not fully regarded as a long-term partner for several customers, as our perhaps even immediate future was perceived as uncertain,” he said.
Haldex does not want to speculate on who acquired ZF’s shares.
“As I said, for both our customers and us it is more important that ZF leaves than Haldex acquiring a ‘perfect’ owner. Of course, this also applies to Knorr-Bremse. I will therefore sit down with our legal advisers next week to see what means we have for getting Knorr-Bremse to sell as well,” Durban concluded.
