According to reports, ZF approached an agreement to sell the steering business to Bosch , which would pave the way for the completion of the acquisition.
German reports, ZF employees disclosed that the company with geometric Bosch joint venture - ZF Steering Systems, Inc. (ZFLenksystemeGmbH) will be sold to Bosch reached an agreement in a few days. Neither Bosch nor ZF Steering Systems commented on the report.
ZF is proceeding with the acquisition of TRW Automotive. The transaction price may reach US$12 billion and the world’s second-largest auto parts giant will be formed after the purchase. However, the transaction needs to clear the legal obstacles in the steering system.
In 1999, ZF and Bosch formed ZF Steering Systems and had factories in eight countries. The total number of employees worldwide reached more than 13,000. In 2013, the operating income reached 4.11 billion euros (US$5.5 billion). The TRW Group also has a relatively large-scale steering system business. In 2013, its operating income in this area reached US$2.7 billion, accounting for 15.5% of its overall revenue.
In order to avoid the impediments of the EU antitrust agency and complete the acquisition of TRW, ZF needs to sell its shares in the ZF steering system.
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