On Thursday, 23 January, the European Commission unconditionally approved the proposed acquisition of WABCO by ZF.
ZF Friedrichshafen AG, which is based in Germany, and WABCO Holdings, Inc., an American company headquartered in Switzerland, both manufacture various components for commercial vehicles—in particular, for medium and heavy commercial vehicles (‘MHVC’). The companies’ product portfolios are largely complementary in the MHVC market.
ZF specialises in the manufacture of steering, chassis, and driveline components, such as transmission systems for passenger cars as well as commercial vehicles, whereas the WABCO group specialises in braking and active safety technology components for commercial vehicles.
The Commission assessed the impact of the transaction on multiple markets. The investigation found that the transaction is unlikely to impede effective competition in the markets for the following products: - transmission systems; - clutches for air compressors; - control levelling valves for cabin air suspension systems; and - automated driver assistance solutions (ADAS). The Commission concluded that the transaction would not raise any competition concerns given that ZF will continue to face effective competition in the relevant markets after the transaction. (Original version in French by Lionel Changeur)