According to reports, ZF is embarking on a resumption of negotiations with the Bosch Group to withdraw from the joint venture company and clear the obstacles for the future acquisition of Tianhe , which had previously been delayed due to the fact that most parties were on vacation during the summer vacation. In order to avoid impediments from the EU antitrust authorities and successfully complete the acquisition of TRW, ZF must sell 50% of its ZF steering system. Anonymous sources have revealed that ZF and Bosch are expected to resume negotiations this week and that ZF will withdraw from the joint venture ZF Enksysteme GmbH. In 1999, ZF and Bosch jointly formed a joint venture company, ZFLenksysteme GmbH, which currently has plants in eight countries around the world and employs more than 13,000 people worldwide. According to company documents, in mid-2013, the operating income of ZF steering system reached 4.11 billion euros (about 5.5 billion U.S. dollars). The source also revealed that if Bosch agrees with ZF's proposal to withdraw from the joint venture, the latter is expected to conclude a merger agreement with Tianhe at the earliest, creating the world’s second-largest Auto Parts giant, and the business scale will be second only to Bosch.
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