Haldex’s board withdraws support for Knorr-Bremse takeover bid

Board to oppose further extension of acceptance period

Haldex’s board has withdrawn its support for the takeover bid by Knorr-Bremse as the Swedish supplier sees less likelihood of the bid being approved by the European Competition Authority, the company said in a press release on 29 June. The European Competition Authority has expressed serious doubt over six of the eight product areas in which Haldex operates. The board believes that an in-depth competition investigation by the European Competition Authority is unavoidable, which would lead to further extension of acceptance period. Early this week, Knorr-Bremse announced that the company would seek approval for extension until 9 February 2018.