(^26) ABCJuly 2019 busnews.com.au
A
sreportedinoursister
magazineATN
(www.fullyloaded.com.
au)recently,ZFsees
thisaspartofits‘Next
GenerationMobility’strategyaimed
atcommercialvehicle,connectivity,
automationandelectricpropulsion–
alogicWabcoendorses.
“Joiningforceswithhighly
respectedZFwillcreatealeading
globaltechnologycompanywell
positionedtocapitaliseonfuture
demandforautonomous,efficient
andconnectedcommercialvehicles,”
WabcochairmanandCEOJacques
Esculiersaid.
Esculieraddsthatthelogicof
innovationpresentlydemands
increasinglymoreresources.
“Ithasbecomeincreasingly
apparentthatourindustrywillface
German drivelineandchassistechnology company ZF hassealed
aUS$7 billion(A$10billion) dealtobuy US brakingspecialist and
long-term collaboratorWabco,the pair haverevealed.
ZF TO ACQUIRE WABCO
IN FOCUS ZF
a new level of strategic complexity and
will attract new competition, including
new entrants from outside the sector,
able to bring unprecedented resources
to the table,” he said.
“This demands Wabco make critical
choices in the role it will play in the
future industry value chain.
“Furthermore, it is anticipated
that significant in-house investment
and new alliances will be necessary
to address the full scope of required
technologies for these new domains.
“Considering these factors, we
strongly believe this is the appropriate
moment to be joining forces with ZF,
providing access to critical technology
and the global size and scale to de-risk
the return on investment required as
the industry transforms. And as a result
it will realise certainty of value and
liquidity for our shareholders.”
SHAREHOLDER APPROVAL
In a shareholder vote on June 27, 2019,
68.44 per cent of Wabco’s outstanding
share capital voted in favour of the
transaction agreed by ZF and Wabco
late March, 2019, ZF states.
Under the terms of the transaction,
ZF will acquire all outstanding shares
of Wabco for US$136.50 (A$193.9) per
share in cash, subject to regulatory
approvals and other customary
closing conditions.
EXPANDED EXPERTISE
In explaining its reasoning for the deal,
ZF says Wabco will expand its expertise
to include commercial vehicle braking
solutions for the first time.
“This plays a central role for the
control of automated driving functions
- including emergency braking
manoeuvres...”