TRW Automotive Holdings Corp. (TRW), the world’s biggest car-safety equipment supplier, has received a preliminary takeover approach from Germany’s ZF Friedrichshafen AG, in a bid to create the world’s second-largest auto-parts supplier by sales, Bloomberg reported.
TRW confirmed in a statement yesterday that it has received a preliminary, non-binding proposal, without identifying the potential buyer. It has retained Goldman Sachs Group as a financial adviser. ZF said in an e-mailed statement it’s in talks with TRW about a possible offer and no decision has been made yet.
With the acquisition of TRW, ZF would add technology that keeps drivers secure and helps them avoid crashes, to its existing suite of mechanical parts. The combination would create a company with almost $40 billion in annual sales, vaulting ZF to the No 2. spot among world’s largest auto-parts suppliers
The week’s biggest mover on the weekly Automotive MMI® was the copper cash price, which saw a 1.8 percent increase on the LME to $7,173 per metric ton. This week marked the third in a row of rising prices for the metal. The 3-month price of copper increased 1.7 percent on the LME this week, closing out the fourth consecutive week of rising prices at $7,156 per metric ton. The price of Chinese lead fell 0.7 percent for the week to settle at CNY 13,900 ($2,242) per metric ton. Korean 5052 coil premium over 1050 sheet remained essentially flat from the previous week at KRW 3,890 ($3.84) per kilogram.
The price of US HDG dropped 0.8 percent this week, closing out the third consecutive week of falling prices at $766.00 per short ton.
The price of US palladium bar rose 1.8 percent this week, closing out the third week at $870.00 per ounce. Following a 2.5 percent increase in the week prior, the price of US platinum bar fell 0.3 percent last week to $1,500 per ounce.
The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.