US STOCKS-Auto part makers getting no lift from TRW deal
By Chuck Mikolajczak
NEW YORK, Sept 15 (Reuters) - Auto part makers were trading lower on Monday, as the deal to acquire TRW Automotive Holdings Corp by German car parts maker ZF Friedrichshafen failed to ignite any excitement in the sector.
The German company agreed to buy TRW for $13.5 billion, including debt, or $105.60 per share, which would create a company with combined annual sales of more than $40 billion.
Shares of TRW were falling slightly, however, down 0.8 percent to $103.05, 2.4 percent below the offer price and well below the StarMine intrinsic valuation of $122. The Dow Jones auto parts index was trading 1.1 percent lower, with all but one of the components in negative territory.
Index snapshot at 15:39 EDT (1939 GMT):
* S&P 500 was falling 0.92 points, or 0.05 percent.
* Nasdaq Comp was losing 45.11 points, or 0.99 percent.
* Dow industrials was adding 42.41 points, or 0.25 percent.
* Russell 2000 was falling 11.28 points, or 0.97 percent. Continuación...