FRIEDRICHSHAFEN, Germany,
June 27, 2019 /CNW/ -- ZF
Friedrichshafen AG, a globally leading technology group and
supplier of mobility systems for passenger cars, commercial
vehicles and industrial solutions, today announced the approval of
WABCO (NYSE: WBC) shareholders for the proposed acquisition of
WABCO.
In a shareholder vote on June 27th,
2019, 68.44 % of WABCO's outstanding share capital voted in
favor of the transaction agreed by ZF and WABCO in late
March 2019. Under the terms of the
transaction, ZF will acquire all outstanding shares of WABCO for
$136.50 per share in cash, subject to
regulatory approvals and other customary closing conditions.
Wolf-Henning Scheider, CEO of ZF,
said: "It is a confirmation of our strategy that WABCO shareholders
have approved this important transaction. Together with WABCO, ZF
can form an integrated systems provider for commercial vehicle
technology, creating long-term value and security for our
customers, employees and shareholders. We will be shaping the
future of technologies and services for efficiency, safety,
automation and connectivity in the commercial vehicle sector
together with the WABCO management."
ZF expects to be able to close the transaction in early 2020. At
that time, shares of WABCO's common stock will no longer be traded
on any public market. During the intended integration of WABCO, the
central focus will remain on the customers and day-to-day business
operations.
The transaction is subject to regulatory approvals and other
customary closing conditions. ZF expects to close the transaction
in early 2020. Due to the cash flow profile of both parties, ZF
expects to reduce financial leverage significantly again following
the completion of the transaction.
ZF Friedrichshafen AG
ZF is a global technology company and supplies systems for
passenger cars, commercial vehicles and industrial technology,
enabling the next generation of mobility. With its comprehensive
technology portfolio, the company offers integrated solutions for
established vehicle manufacturers, mobility providers and start-up
companies in the fields of transportation and mobility. ZF
continually enhances its systems in the areas of digital
connectivity and automation in order to allow vehicles to see,
think and act.
In 2018, ZF achieved sales of €36.9 billion. The company has a
global workforce of 149,000 with approximately 230 locations in 40
countries. ZF invests over six percent of its sales in research and
development annually.
For further press information and photos please
visit: www.zf.com
Important Information
This communication is for
information purposes only and does not constitute a solicitation of
a proxy, nor shall there be any such solicitation in any
jurisdiction in which such solicitation would be unlawful prior to
applicable filings and/or qualification under the securities laws
of such jurisdiction. This communication contains forward-looking
statements. These statements relate to future events that are based
on current expectations, estimates, forecasts and projections.
These statements are subject to risks and uncertainties that could
cause actual performance or results to differ materially from those
expressed in or suggested by the forward-looking statements.
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SOURCE ZF