German car parts maker ZF Friedrichshafen AG can raise its bid for U.S.-based TRW Automotive Holdings Corp to as much as $13 billion, Bloomberg reported, citing people with knowledge of the matter. ZF's lenders have said financing is available for a higher all-cash bid and the German company is exploring a proposal that values the TRW at between $110 and $112.50 per share, Bloomberg reported. (bloom.bg/1mkKR3S)ZF said last week that it was in early-stage takeover talks with the American auto parts supplier, but did not disclose any financial details. A Bloomberg report at the time said ZF valued TRW at $11 billion to $12 billion.Privately owned ZF is working with Citigroup Inc, and Morgan Stanley and several European banks are also advising the company and financing the deal, Bloomberg reported on Thursday.The German company can borrow as much as $16 billion, Bloomberg calculated, based on ZF's ability to borrow as much as four times its and TRW's combined earnings before interest, taxes, depreciation and amortization.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C fell by 0.3% or $-0.1502/share to $49.67. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 16865300 shares of C exchange hands on a given day and today's volume is recorded at 12486380.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.02% or $-0.005/share to $32.50. In the past year, the shares have traded as low as $25.25 and as high as $33.52. On average, 9976010 shares of MS exchange hands on a given day and today's volume is recorded at 10898030.
TRW Automotive Holdings Corp. (TRW Automotive) is a supplier of automotive systems, modules and components to global automotive original equipment manufacturers (OEMs) and related aftermarkets. Shares of TRW traded higher by 1.97% or $1.99/share to $103.19. In the past year, the shares have traded as low as $67.50 and as high as $103.37. On average, 1126760 shares of TRW exchange hands on a given day and today's volume is recorded at 3484413.
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