Haldex held an Extraordinary General Meeting on August 17 in Stockholm, Sweden. Haldex has earlier today announced that the EGM resolved to approve the proposal by Knorr-Bremse,

54% of the shareholders were present at the EGM which represents 23,888,027 of the votes. Of these 15,489,074 refrained from voting, including ZF, 403,096 voted against the proposal and 7,995,857 voted for the proposal.

"Let’s not exaggerate any disappointment that we now feel in the Board of Directors. Owners sometimes think and vote differently than the Board ant that is entirely in accordance with the rules of the game. Today's action by ZF is disappointing for Haldex because our main owner chooses to refrain from clarifying its interests and a minority of the shareholders, mainly short-term speculative owners, puts Haldex in a continued uncertain situation.", says Jörgen Durban, Chairman of the Haldex Board.

As no new information was presented about Knorr-Bremse’s plans to address the antitrust issues, despite the fact that Knorr-Bremse's CEO Klaus Deller gave a speech, the Board continues to assess the likelihood of getting the deal approved as very low. The Board therefore adhere to its earlier decision not to support Knorr-Bremse’s bid as it would result in material harm for the company and contravene the Companies Act. The Board is to protect the interests of all shareholders. In this case, a few owners have voted on a proposal that benefits a minority of shareholders while it destroys long-term shareholder value.