Auto components maker Wabco says approached by using rival ZF Friedrichshafen

FRANKFURT (Reuters) – U.S. Automobile parts maker Wabco Holdings Inc on Tuesday showed that it’d been approached with the aid of German rival ZF Friedrichshafen for a capability takeover.

Shares in the brakes maker, which had a market capitalization of $6.2 billion as of Tuesday close, rose 10 percent earlier than being halted.

German each day Handelsblatt first suggested that ZF Friedrichshafen is considering a takeover of Wabco.

“ZF often reviews strategic alternatives for action, together with acquisitions, but there is no choice in this direction,” an organization spokesman said.

ZF has accomplished big acquisitions within the beyond and in 2014 bought TRW Automotive for $13.5 billion to increase into the doubtlessly moneymaking self-using automobile marketplace.

In June, ZF Chief Executive Wolf-Henning Scheider, while asked if Wabco should nevertheless be of the hobby, stated that brakes were not a priority for ZF in the meanwhile because it makes a specialty of the transfer to electric powered and autonomous riding.

ZF plans to make investments extra than 12 billion euros into e-mobility and independent riding.

Randolph Palmer

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