“We have not set a timetable for the completion of the review

“We have not set a timetable for the completion of the review

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The CEO of Livonia-based TRW Automotive Holdings Corp. had little to say Tuesday on the offer from ZF Friedrichshafen AG to buy TRW and create the world’s second-largest auto supplier, in his first public comments since the announcement.But investor enthusiasm for the nonbinding offer is largely unabated, following a strong second-quarter report for the automotive safety technology supplier.Company CEO John Plant pbvw , in a morning conference with journalists, analysts and investors, wouldn’t set a time frame on when the company would complete its review of a non-binding offer from ZF.A preliminary acquisition bid earlier this month from the German company could value TRW at up to $13 billion, according to Bloomberg LP. But Plant declined to elaborate on the offer.“As stated in our release, issued earlier this month, the company is evaluating the proposal,” Plant said. “We have not set a timetable for the completion of the review process. Meanwhile, the team remains focused on executing our business plan. We do not intend to comment further on the subject today.”Meanwhile, TRW reported today its second-quarter net income increased 7 percent to $265 million, or $2.27 per share, while quarterly revenue was up 2 percent to $4.6 billion. Year-to-date, the company reported net income of $464 million or $3.95 per share on revenue of $9.04 billion, up from $410 million or $3.28 per share on $8.73 billion revenue in the first half of 2013.Plant cited continued growth in demand for TRW’s various safety products, which include airbags, seat belts, driver-assist technologies and interactive braking devices.“TRW’s second-quarter results reflect the company’s focus and ability to capitalize on increasing global demand for its active and passive safety technologies,” Plant said in the statement. “TRW is well positioned to reach its full-year goals given the company’s strong operating performance achieved through the first half of 2014.”Shares of TRW were mixed in midday trading Tuesday, hovering around the opening price of $104.36. That’s still $13 above the price before the announcement of the bid July 10.If completed, the deal would create the world’s second-largest auto supplier in terms of revenue pbvw.be , and it would be the largest supplier takeover in seven years.TRW ranks No. 11 on the Automotive News list of the top 100 global suppliers, with worldwide sales to automakers of $16.1 billion in 2013. ZF ranks No. 9 on that same list, with $20.4 billion of sales during its 2013 fiscal year.Automotive News is a sister publication to Crain’s Detroit Business.Bloomberg contributed to this report.  Related LinksZF supervisory board supports TRW takeover talks, sources sayGermany’s ZF Friedrichshafen set to acquire Livonia’s TRW Automotive for $13.5B

TRW’s CEO not commenting on possible sale to ZF Friedrichshafen

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