SAF-Holland’s €300 Million Takeover Offer For Haldex

Noerr, Ropes & Gray and Vinge advised SAF-HOLLAND on the deal. Clifford Chance has advised UniCredit and Helaba Landesbank Hessen-Thüringen, while Baker McKenzie advised Knorr-Bremse AG. Mannheimer Swartling advised Haldex.

SAF-HOLLAND SE launched a voluntary public takeover offer for the listed Swedish group Haldex.

SAF-HOLLAND is a leading international manufacturer of chassis-related assemblies and components for trailers, trucks and buses. Its product range includes items such as axle and suspension systems, fifth wheels and coupling systems for trucks, trailers and semi-trailers. SAF-HOLLAND is headquartered in Bessenbach, Germany and runs 22 production sites on six continents.

Haldex AB (publ) is a leading manufacturer of brake systems and air suspension solutions for commercial vehicles and employs approximately 2,000 people in 19 countries. Haldex’s shares are admitted to trading on Nasdaq Stockholm. SAF-HOLLAND is offering SEK 66 in cash per share in Haldex. This offer represents a premium of approximately 65% to the volume-weighted average price of Haldex shares during the three months preceding the announcement of the offer. The Board of Directors of Haldex recommends that the shareholders of Haldex accept the offer. The transaction is worth approximately €300 million.

With their highly complementary business activities, SAF-HOLLAND and Haldex can become an integrated group for chassis-related commercial vehicle systems, offering a majority of key components from a single source. The combined group would also be able to drive forward transformation in the industry and address megatrends such as electrification, digitalisation and automated driving with intelligent system solutions. 

The Noerr team included Holger Alfes (Picture – Lead partner, Capital Markets/M&A, Frankfurt), Nikolai Warneke (partner), Alexander Schilling (partner), Martina Buller (senior associate), Sokorei Omar (associate, all Frankfurt), Stephan Schulz (partner), Jörg-Peter Kraack (associated partner, both Hamburg), Sebastian de Schmidt (counsel, Frankfurt), Julian Monschke (senior associate, Frankfurt), Kathrin Westermann (partner), Sebastian Wrobel, Lucas Gasser (both senior associates, all Berlin), Jerzy Kapitanczuk (associate, Warsaw), Michaela Engel (partner, Elisabeth Dworschak (associated partner, both Munich).

The Clifford Chance team was led by partner Bettina Steinhauer and comprised counsel Simon Reitz (both Frankfurt), senior associate Christian Cranmore (Munich) and associate Marcel Knörchen (Frankfurt, all Finance), partner Olaf Mertgen (Tax, Frankfurt) as well as counsel in Australia, Canada, Poland, Mexico, Singapore, Sweden and the United States.

The Baker McKenzie team was led by Christoph Wolf (partner, Frankfurt, public M&A), Nicolas Kredel (partner, Dusseldorf, Kartellrecht); Holger Engelkamp (counsel, Berlin, corporate), Florian Kotman (associate, Dusseldorf, anti-trust); Joakim Falkner, Carl Svernlöv, Henric Roth (all partners, Stockholm), Stefan Balazs (senior associate, Stockholm, all corporate).

The Vinge team included Erik Sjöman, Martin Svanberg and Linn Adelwald.

The Mannheimer Swartling team included Aleksander Ivarsson; Associate: Max Runesson (both Corporate).

The Ropes & Gray team included Jonathan Klarfeld (Antitrust; Washington), Craig Marcus, Marc Rotter (both Capital markets; beide New York); Associate: Brandon Sisson (Antitrust; Atlanta).

Involved fees earner: Stefan Balazs – Baker McKenzie; Holger Engelkamp – Baker McKenzie; Joakim Falkner – Baker McKenzie; Florian Kotman – Baker McKenzie; Nicolas Kredel – Baker McKenzie; Henric Roth – Baker McKenzie; Carl Svernlöv – Baker McKenzie; Christoph Wolf – Baker McKenzie; Christian Cranmore – Clifford Chance; Olaf Mertgen – Clifford Chance; Simon Reitz – Clifford Chance; Bettina Steinhauer – Clifford Chance; Aleksander Ivarsson – Mannheimer Swartling Advokatbyrå AB; Max Runesson – Mannheimer Swartling Advokatbyrå AB; Holger Alfes – Noerr; Martina Buller – Noerr; Sebastian de Schmidt – Noerr; Elisabeth Dworschak – Noerr; Michaela Engel – Noerr; Lucas Gasser – Noerr; Jerzy Kapitanczuk – Noerr; Jörg-Peter Kraack – Noerr; Julian Monschke – Noerr; Alexander Schilling – Noerr; Stephan Schulz – Noerr; Nikolai Warneke – Noerr; Kathrin Westermann – Noerr; Sebastian Wrobel – Noerr; Linn Adelwald – Vinge; Erik Sjöman – Vinge; Martin Svanberg – Vinge;

Law Firms: Baker McKenzie; Clifford Chance; Mannheimer Swartling Advokatbyrå AB; Noerr; Vinge;

Clients: Haldex Aktiebolag; Helaba; Knorr-Bremse AG; SAF-Holland; UniCredit Bank AG;

Federica Tiefenthaler

Author: Federica Tiefenthaler