Wabco India said the proposed merger of WABCO Holdings Inc and ZF Friedrichshafen AG is expected to be completed in the second quarter of 2020.WABCO Holdings Inc and ZF Friedrichshafen AG have received all approvals from regulatory authorities required to close their previously announced merger, with the exception of the Chinese State Administration for Market Regulation (SAMR).
WABCO and ZF anticipate that SAMR approval will be received without significant delay, and expect that the transaction will close in the second quarter of 2020, when this final regulatory clearance is anticipated to be received.
In March last year, the company announced that German auto-parts maker ZF Friedrichshafen AG will acquire WABCO Holdings Inc for roughly $7 billion. WABCO Holdings Inc. is WABCO India's US-based parent company.
The merger will bring together two global technology leaders serving OEMs and fleets in the automotive and commercial vehicle industry, combining WABCO's capabilities in commercial vehicle safety and efficiency, including technologies involved in vehicle dynamics control, active air suspension systems, and fleet management systems with ZF's leading position in driveline and chassis technologies for cars and commercial vehicles.
On a standalone basis, the company's net profit tanked 35.3% to Rs 38.70 crore on a 41% drop in net sales to Rs 385.11 crore in Q3 December 2019 over Q3 December 2018.
WABCO India manufactures automotive parts. The company produces electronic braking, stability, and suspension and transmission control systems for heavy-duty commercial trucks, trailers and buses.
The scrip hit its 52-week low at Rs 5,296.75 yesterday, 24 March 2020.
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