FRANKFURT -- German supplier ZF Friedrichshafen said it would seek talks with other Haldex shareholders about its next steps after its 529 billion Swedish-crown ($613 million) bid for the Swedish braking systems maker looked to have failed.
Haldex management had recommended shareholders accept ZF's offer, despite a higher bid from Germany-based Knorr-Bremse, which raised its offer to 125 Swedish crowns per share, above the 120 crowns offered by ZF.
An initial count following the expiry of ZF's takeover offer on October 3 revealed that Haldex shares tendered fell short of the minimum 50 percent required. "We will work with other shareholders to find the best solution... all options are open," a ZF spokesman said.
ZF is prevented from further raising its offer for another 12 months by Swedish takeover rules.
A number of German partsmakers have looked at buying Haldex in recent months, in particular to get their hands on its expertise in brakes for trailers for use in integrated autonomous driving systems that are being developed for trucks.
ZF last reported it had accumulated a 21.4 percent stake in Haldex, while Knorr-Bremse owns 14.9 percent of the Swedish firm, according to a statement last month.
The ZF spokesman declined further comment ahead of the official result of its bid on Wednesday but referred to comments made by ZF CEO Stefan Sommer in Stockholm last month. At the time, Sommer explained that if ZF's bid failed, it could sell its Haldex stake to other shareholders, or seek to buy parts of the company or buy out other shareholders.
Haldex’s board and the Swedish Shareholders’ Association both supported ZF because its deal had already received regulatory approval.
The battle over Haldex is part of a broader push by partsmakers to combine to share development costs amid an industry shift toward self-driving and electric-vehicle technologies. Companies such as ZF and Knorr-Bremse are also under pressure to expand as automakers increasingly seek suppliers with global reach.
Knorr-Bremse and Haldex declined comment.
Bloomberg contributed to this report