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Knorr hits the brakes
Automotive supplier Knorr-Bremse is no longer pursuing the acquisition of a stake in Hella. The reason: Upon closer inspection, the people of Munich didn't like the bride.
Knorr hits the brakes
That's what you would call a rejection: "The board of directors of Knorr-Bremse AG decided today not to pursue the possible acquisition of a majority stake in HELLA GmbH & Co. KGaA. After careful analysis, the board of directors assesses the possibilities of transferring key technologies and products to its own product portfolio as insufficient to realize the expected synergies." With these words, Knorr-Bremse let the public know that it is no longer interested in taking over Hella.
The automotive industry recently had such considerations and discussions reported. On behalf of the shareholder families Hueck and Röpke, the investment bank Rothschild is looking for a buyer for their majority stake in Hella. Together with a stronger partner, Hella, which was founded over 100 years ago, will be better able to cope with the upheaval in the industry from the perspective of the families, according to industry circles regarding the underlying motive.
Not a new industry giant
If Knorr-Bremse had taken on Hella, a new heavyweight in the supplier industry would have emerged that, with sales of around 13 billion euros, would have shaken up the industry as the German number four behind the giants Bosch, Continental and ZF. But now it doesn't get that far.
"We always consider opportunities for value-adding transactions with leading international companies. That's why we looked at HELLA. However, for us, opportunities for a possible transfer of competencies specifically in the commercial vehicle sector have not been sufficiently confirmed. An acquisition would therefore not create sufficient additional value for our shareholders," says Jan Mrosik, CEO of Knorr-Bremse AG. Knorr-Bremse has a clear strategy that is based on profitable growth and a resilient business model. “We will continue our sustainable growth and our successful path as a system supplier in the future.”