After six years, the Franconian truck supplier SAF-Holland is making a new attempt to take over the Swedish commercial vehicle brake manufacturer Haldex. The supplier of axles and trailer hitches from Bessenbach is offering 3.21 billion Swedish crowns (307 million euros) for Haldex – and unlike in 2016 it also has its board of directors and supervisory board behind it. In view of the increasing concentration on the truck market alone, Haldex is probably too small in the long term, the Landskrona-based company said on Wednesday. SAF-Holland has already secured more than a third of the shares.
SAF boss Alexander Geis said that together they could create a leading global supplier of chassis components such as air disc brakes, axles and entire wheel bearings. “Together we would be even better positioned to deliver profitable growth and drive industry transformation through the development of electrification, connectivity and autonomous driving solutions.” That would also benefit truck builders who are struggling with shaky supply chains.
With the acquisition, SAF-Holland could increase its sales by a good third to 1.7 billion euros, reduce its dependency on the European market in favor of America and increase the share of the lucrative spare parts business. With an operating return of almost eight percent, both companies are similarly profitable.
Haldex share increases by almost 50 percent
SAF-Holland is offering 66 Swedish kroner (6.30 euros) per Haldex share, 46 percent more than Tuesday’s closing price on the Stockholm Stock Exchange. On Wednesday, Haldex rose to 64.80 crowns there. The offer is significantly lower than in 2016, when Lower Franconia fought a bidding war for Haldex with Knorr- Bremse and ZF Friedrichshafen.
At that time, the Munich-based truck and train brake company finally offered 580 million euros, but failed due to resistance from the Haldex board. A counter bid cannot be ruled out this time either, but he is confident of achieving the targeted 90 percent, said Geis. “We’ve been negotiating for four months.” Haldex had already spoken to ZF in 2016 when SAF submitted its offer. That’s why you were flashed.
With Knorr Bremse, there is no risk of a bidding war this time
At least this time it threatens from Knorr- Bremse no danger
. The Munich-based company has sold its 9.2 percent stake in Haldex to SAF-Holland for around EUR 28 million. The major shareholders Athanase Industrial Partners, Fjärde AP-fonden, Afa Försäkring and Nordea Asset Management, which together hold 22.5 percent of Haldex, have committed to accepting the offer, leaving SAF-Holland with a good 36 percent.
The takeover will initially be financed with cash and loans. In order to reduce the debt again, a smaller capital increase is planned later, explained SAF-Holland. The shareholders did not like that: SAF shares fell by six percent to EUR 7.61.