March 28, 2019 / 12:07 PM / a month ago

German auto parts maker ZF Friedrichshafen to buy Wabco for over $7 bln

March 28 (Reuters) - U.S. auto parts maker Wabco Holdings Inc on Thursday confirmed it would sell itself to German rival ZF Friedrichshafen for over $7 billion.

The all-cash deal is for $136.50 per share and represents a 13 percent premium to Wabco's closing price of $120.75 on Feb. 26.

Last month, Reuters reported that automotive supplier ZF Friedrichshafen had held takeover talks with Wabco, as the unlisted company seeks to overhaul its business for an era of self-driving trucks.

Reporting by Sanjana Shivdas in Bengaluru; Editing by James Emmanuel

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