Recently, it was reported that the United States TRW has received the offer of Germany ZF, the two companies are expected to merge to become the world's second largest parts supplier. Tianhe Automobile Holdings Limited issued a statement a few days ago, saying that the company is evaluating a "primary and non-binding offer" but did not give the name of the bidder. Several media outlets point out that the buyer is ZF. At the time of the contract, it was still evaluating other strategic plans and had hired Goldman Sachs as a financial advisor. Barclays Bank said in the analysis report that the above news may lead to a broader merger and reorganization. Some analysts believe that TRW will also receive acquisition offers from other component giants such as Magna. If ZF and TRW merge, they will become the largest acquisition in the global parts industry in seven years. The combined company's revenue will be second only to Bosch and ranks second in the global spare parts industry. According to an anonymous source, TRW has approved ZF to conduct a partial due diligence investigation. The two sides have not yet discussed the price of this transaction. At present, the market value of TRW is approximately USD 11 to 12 billion. "The company has not made a decision on any specific strategic transaction or option, nor has a timetable for this strategic review process." Tianhe stated in a statement: "We do not guarantee that the above process will result in the completion of any transaction or company. Changes to existing business plans." According to sources, the negotiations between TRW and ZF are still in their infancy. Even if the parties reach a certain agreement, they may need to wait a month later. After ZF’s announcement of the acquisition of TRW, the share price of TRW on the New York Stock Exchange rose by 8% to a record high of US$98.91, which surprised the company’s market value to approximately US$1.1 billion. According to the financial reports released by various companies, in 2013, the revenues of TRW and ZF reached US$17.435 billion and 16.8 billion (US$22.86 billion) respectively, and the addition of the revenues of the two companies reached According to the statistics of the "Automotive News", the total revenue of TRW and ZF is about 36.5 billion U.S. dollars. If this merger takes place, it will become the largest M&A in ZF history. At that time, the scale will be second only to the German Bosch Group, which will compete with the global component giants such as the mainland.
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ZF to acquire Tianhe to become the second largest component in the world 