FRANKFURT (Reuters) – German car parts maker ZF Friedrichshafen is considering a takeover of U.S. rival Wabco, a person close to the matter said on Wednesday, confirming a report by newspaper Handelsblatt.
ZF Friedrichshafen’s supervisory board has already discussed a potential acquisition of Wabco, the paper reported, citing financial sources.
Shares in brakes maker Wabco, which had a market capitalization on Tuesday of $6.2 billion, rose 10 percent on the report.
“ZF regularly reviews strategic options for action, including acquisitions, but there is no decision in this direction,” a company spokesman said.
ZF has done large acquisitions in the past and in 2014 bought TRW Automotive for $13.5 billion to expand into the potentially lucrative self-driving car market.
In June, ZF Chief Executive Wolf-Henning Scheider, when asked if Wabco could still be of interest, said that brakes were not a priority for ZF at the moment as it focuses on the switch to electric and autonomous driving.
ZF plans to invest more than 12 billion euros into e-mobility and autonomous driving.
Reporting by Arno Schuetze; Editing by Edward Taylor and Jane Merriman