WABCO Shareholders Approve ZF Friedrichshafen Acquisition
WABCO Holdings (“WABCO”) (NYSE: WBC), a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles, today welcomed the decision by its shareholders to approve the company’s acquisition by ZF Friedrichshafen AG (“ZF”), a privately held global technology company and systems supplier for passenger cars, commercial vehicles and industrial technology.
At a special meeting of WABCO's shareholders held today in New York, holders representing 68.44% of the Company’s shares outstanding voted in favor of adopting the proposed merger agreement. Overall, 71.97% of WABCO's shareholders participated in the vote.
Under the agreement, ZF will acquire all outstanding shares of WABCO for $136.50 per share in an all-cash transaction for an equity value of over $7 billion.
Jacques Esculier, Chairman and CEO of WABCO, said, "We are very pleased that WABCO’s shareholders have supported our merger plans recognizing that the ZF transaction offers a compelling strategic fit to advance the requirements of our industry, while also providing certainty of value and liquidity for our shareholders.”
The proposed merger remains subject to further customary closing conditions and regulatory approvals. ZF and WABCO continue to expect to close the transaction in early 2020. This merger will bring together two global technology leaders serving OEMs and fleets in the automotive and commercial vehicle industry, combining WABCO’s capabilities in commercial vehicle safety and efficiency, including technologies involved in vehicle dynamics control, active air suspension systems, and fleet management systems with ZF’s leading position in mobility technologies for cars and commercial vehicles.
Views:0
- Changchun WABCO Vehicle Control System Co., Ltd. Starts Operation 2019-03-01
- WABCO Signs Deal with Hyundai to Supply Advanced Techs for New Medium Trucks 2018-11-12
- Wabco Announces JV in China with FAW Jiefang for CV Safety Products 2018-09-25
- IAA 2018: WABCO to Display Industry's First Electric Trailer Prototype 2018-09-17
- Wabco Launches First Customer Care Center in North America 2018-08-03
- WABCO Signs First Deal to Export Power Steering Syetem to India Tata Motors 2018-07-16
- WABCO Achieves a New annual Record for Customer Awards and Industry Recognition 2018-06-15
- Sinotruk Extends Cooperation Agreement with WABCO on ADAS, AMT, EBS, ECAS Tech 2018-04-12
- Wabco Stood Out among Other Suppliers to Win Two Awards from Sinotruk 2018-03-15
- Wabco Invests $10 Million in Nikola Motor, Looks to Advance Safety for EV 2017-12-28
Submit Your Requirements, We Are Always At Your Service.
- World’s First All-electric Scania Car Transporter Goes into Service
- China’s First Mining Specialized Remote Sensing Satellite Launched
- SINOTRUK Delivers Full Year 2022 Results, Heavy Truck Sales Down 52.50%
- FOTON and Cummins Team up to Build a New Engine Plant in Thailand
- SANY Awarded as 2022 Forbes China TOP 50 Sustainable DEV Industrial Enterprises
- Daimler Trucks and Buses Signs Deal with XCMG Fire Fighting
- FAW Jiefang Sichuan Branch Was Officially Established
- Bus & Truck Expo Set to be Held in May 2023
- Yutong, SCG Signed MoU for Green Mining in Thailand
- CAT Displays Its First Battery Electric Large Mining Truck
- Half Year Review of Commercial Vehicle Sales
- China Exported 63,000 Trucks in May, Up 33% YoY
- Top 10 Best-selling Battery-swapping Heavy Trucks in China in April
- China Exported 158,000 Trucks in Q1, Up 41% YoY
- China’s Truck Exports Grew by 43.8% YoY to 46600 Units in Feb., 2023
- China’s Heavy Truck Sales Rising 29% YOY to 77200 in Feb
- China Exports 567,000 Trucks in 2022, Hitting a New High in a Decade
- China’s Pickup Exports Jumped 65% YOY in 2022
- China's Truck Exports Grew by 42% YOY to 53,000 Units in November
- Heavy Truck Sales in China Fell by 9% YoY to 46000 Units in Nov.