German car parts maker ZF Friedrichshafen secured European Union antitrust clearance on Thursday for its proposed $13.5 billion takeover of TRW Automotive Holdings Corp after agreeing to sell the U.S. peer's chassis components unit. ZF, which supplies chassis components to Audi, BMW and others, wants to boost its presence in the potentially lucrative self-driving car market via the deal.The European Commission said the sale of TRW's chassis components unit, including plants, intellectual property rights and supply contracts, would remove the overlap between the two companies in this area."The divestments would allow the entry of an additional manufacturer and supplier of these products," the EU competition authority said in a statement.Reuters was the first to report the imminent EU approval for the deal on March 4.
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 0.2201% or $0.2301/share to $104.79. In the past year, the shares have traded as low as $78.02 and as high as $107.25. On average, 963763 shares of TRW exchange hands on a given day and today's volume is recorded at 381604.
Source
