TRW shareholders approve $13.5 billion takeover by ZF
FRANKFURT (Reuters) -- TRW Automotive shareholders today approved a $13.5 billion takeover offer by Germany's ZF Friedrichshafen, the companies said, paving the way for a new global automotive supply powerhouse to rival Robert Bosch.
Shareholders representing 79 percent of TRW's equity capital voted in favor of the deal, ZF and TRW said in a statement.
In September, ZF, which is controlled by an unlisted foundation and helps carmakers develop hybrid-powered drive trains, made a $105.60 in cash offer, or about $12.4 billion, for each TRW share. The deal has a total value of $13.5 billion, TRW said when the deal was announced.
TRW, based in suburban Detroit, is a global maker of airbags, electronics, and braking and steering equipment for cars. It sells to nearly all major automakers, including Ford Motor Co. and General Motors.
ZF Friedrichshafen supplies chassis components, gearboxes and sensors to companies including Audi and BMW Group.
The companies said they had received notification from the Committee on Foreign Investment in the United States, which found there were no unresolved national security concerns with respect to the proposed acquisition.
The transaction remains subject to further customary closing conditions, including antitrust clearances.
ZF and TRW said they expect the transaction to be completed in the first half of calendar year 2015.