Haldex’s chairman, Magnus Johansson looks like Knorr-Breme as the new owner. But he wants to ensure that they are serious about the bid. – The Knorr is not placed into the data room because they are not written to a break-up agreement.
The Haldex board of directors has recommended the lower bid, sek 120, added by ZF Fredrichshafen, instead of the highest bid, sek 125, which is put on by Knorr-Bremse, has made many shareholders upset. According to the company’s acting chairman, Magnus Johansson is the risk that the bid does not become too high. But can it really be ok to recommend to the shareholders a bid of 120 dollars when there are buyers who offer 125?
– More money is of course always interesting, but it is also central to reducing the risk. When we value the risk of Knorr-Bremses bid, it is clear that it is too large in relation to the difference in the price tag that the two players are bidding, ” says Magnus Johansson, who is the acting chairman of the Haldex during the bidding process.
It gives you a picture of you represent other interests than those of shareholders?
– is Not the primary focus. ZF and Knorr are two industrial companies, both of which are serieröse and good. I assume that they both take care of the company in a good way. It will not be good customers and employees vote with their feet. It is in there, but it is not a heavy part in the decision. First, we must look at the bid from a shareholder perspective.
How likely do you think it is that competition authorities have views on a merger between Knorr-Bremse and Haldex?
I estimate as highly likely, I can, say with certainty that they will have views. Knorr-Bremse is a competitor and, in some cases, it becomes very large market share.
There are institutions who ask themselves why you are not ensured that Knorr-Bremse, the seriousness of its bid through a break-up fee. How do you plan around that?
– Up to the day before the Knorr la bid, was our conversation almost exclusively about a break-up fee. Our impression is that the authorities will have views on the deal and Knorrs bud is subject to the they can accept the competition authorities say. To release the Twist in the data room, we wanted to know that they were serious about the deal and, therefore, we called for a break-up fee. The pull-back bid, it shall be noticeable for them. Otherwise, it is the shareholders who stand the entire risk. They did not write on, I interpret that they were not prepared to take some of the risk.
Institutions also think that you should receive the Knorr. To what extent have you done it?
– The dialogue I have with Klaus Deller (Knorrs ceo) is both factual and good. We have had contact all the time. We have from the very beginning asked to see what they want to do for the deal to go through. But they have not yet presented any plan. Throughout the process, we have served the Knorr with information, which they have needed for the competition authorities require it, and do so continuously
the Bid is conditional upon the Knorr can accept the competition commission’s requirements. If they take away the requirements, do you recommend the 125 then?
– If we receive a new bid with the new conditions we are considering it. It is obvious that we are open for information. We do not close the door for anyone. We will be happy to have further dialogue with all parties.
SAF-Holland and Knorr have the same financial advisor. How do you see it?
” It was one of the first questions I posed to the Knorrs ceo mr Klaus Deller. According to Knorr is no cooperation. There is nothing that I know of reason to question.
In German newspapers claiming Klaus Deller that you cancelled a meeting between the Knorrs and Haldex management. Why did you do it?
” It is correct that a meeting between the Haldex management and the management of the Knorr has been set. The background to the management decision to set up the meeting, I have no knowledge of. This meeting has not been an issue on which the board of directors has been engaged.
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