Germany’s ZF Friedrichshafen AG announced on Sept. 15 its acquisition of Livonia, Mich.-based TRW Automotive Holdings Corp., a deal that, if completed, will create the world’s second-largest auto parts supplier behind German market leader Robert Bosch GmbH. Including assumed debt, the deal is valued at $13.5 billion. It is the largest purchase in ZF Friedrichshafen’s history.
Stuttgart-based Bosch previously agreed to acquire from ZF for an undisclosed sum a 50 percent stake in ZF Lenksysteme, a steering system joint venture, which helped ease potential regulatory hurdles to ZF’s purchase of TRW Automotive. ZF had made an initial nonbinding takeover offer for TRW in mid-July but talks hit a snag over concerns that the Lenksysteme unit could derail a potential combination.
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