Wabco India is the top gainer on the BSE currently. The stock, which had closed yesterday at Rs.6195.35, opened 7% higher at Rs.6625 and rose to an intraday high at Rs.6750, a rise of 9%. Its 52-week high stands at Rs.6,915.05.
The company announced on Saturday that WABCO Holdings Inc and ZF Friedrichshafen AG have received the regulatory clearance from Chinese State Administration for Market Regulation provided for their previously announced merger.
All required regulatory approvals have now been received and WABCO and ZF expect to close the merger on May 29, 2020, subject to the satisfaction of all other closing conditions.
Under the agreement announced in June last year, ZF will acquire all outstanding shares of Wabco for $136.50/share in an all-cash transaction for an equity value of more than $7 billion.
ZF is a global technology company and supplies systems for passenger cars, commercial vehicles and industrial technology, enabling the next generation of mobility.
Wabco India manufactures automotive parts like electronic braking, stability and suspension besides transmission control systems for heavy-duty commercial trucks, trailers and buses.
Wabco Holdings Inc is Wabco India's US-based parent company.