I have had good experiences with the Innotec Hi-Temp Wax Spray.
http://www.innotec.at/web/produkte/produkt.php?id=176
It has excellent adhesion and is applied in a very thin layer.
Another advantage is that this product is available in brown and transparent.
The risk that rot would continue unnoticed under the underbody protection has thus been averted.
Unfortunately, it's not exactly cheap. The aerosol can costs approximately 14,-.
One or two for a complete treatment.
I always treat the underbody with Brunox spray at the rusty spots first. Apply it twice and then let it dry thoroughly. After that, spray on Hi-Temp Wax.
Another advantage is that the underbody or axle parts sprayed with it look very well-maintained afterwards.
The TÜV inspectors need to assess the overall condition of the vehicle, and they often look at the "big picture" to determine whether a car has been properly maintained and cared for.
