ZF’s acquisition of Tianhe’s resistance or delay in reaching the deal in the first half of September

As a precondition for the acquisition of TRW , ZF has to withdraw from the steering system subsidiary jointly operated with Bosch Group, but this plan currently faces obstacles, and ZF’s goal of achieving TRW acquisition is also expected to be delayed.

Since TRW has a considerable scale in the steering system market, ZF must first sell its own steering system business in order to clear the barriers for the acquisition of TRW, thus avoiding the impediments of EU antitrust agencies.

In 1999, ZF and Bosch jointly formed a joint venture company, ZF Lenksysteme GmbH, which currently has plants in eight countries around the world and employs more than 13,000 people worldwide. According to company documents, in mid-2013, the operating income of ZF steering system reached 4.11 billion euros (about 5.5 billion U.S. dollars).

According to relevant sources, the progress of ZF's exit from the Bosch JV has not been smooth. Most parties are currently on summer vacations and are unable to participate in this plan. Affected by this, the time for ZF and Tianhe to reach the acquisition agreement may be delayed from the mid-August that was previously expected until the first half of September.

In addition, according to the contractual terms previously reached between ZF and Bosch, neither party to the two companies may start the steering system business within the prescribed time limit when they cancel the cooperation. If ZF cannot obtain sufficient funds from the sale to the system business transaction, the company’s acquisition of TRW may also be discouraged. It is reported that the ZF Supervisory Board has informed CEO Stefan Sommer that even if the acquisition of Trina's plan fails, its position will not be threatened. From this perspective, ZF currently does not fully grasp the completion of the acquisition of TRW.

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