German car parts maker ZF Friedrichshafen agreed to sell its steering systems business to Robert Bosch, a deal that paves the way for ZF to purchase U.S.-based TRW Automotive Holdings Corp..Bosch on Monday said it increased its stake in ZF Lenksysteme Gmbh to 100 percent from 50 percent, declining to disclose financial terms of the deal. ZF Lenksysteme (ZFLS) has approximately 4.1 billion euros ($5.3 billion) in sales.Wolf-Henning Scheider, head of Bosch's auto division, said ZF Lenksysteme complemented Bosch's other businesses. "Until now we knew how to step on the gas and how to brake. Now we can also steer," he told journalists on a conference call.Bosch signalled it had no objections to helping rival ZF clear antitrust hurdles to pursue a bigger deal with United States based rival TRW.
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 0.94% or $0.97/share to $103.85. In the past year, the shares have traded as low as $68.72 and as high as $107.25. On average, 1695570 shares of TRW exchange hands on a given day and today's volume is recorded at 1320664.
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