The Herzogenaurach-based automotive and industrial supplier Schaeffler approaches the Vitesco shareholders and raises the takeover offer. Schaeffler is now offering 94 euros per share, as the company announced on Monday. Schaeffler had previously offered 91 euros. Vitesco shareholders have until December 15 to tender their shares. The decision to increase the price underlines Schaeffler’s confidence in the synergies and value creation potential of the merger, explained Schaeffler.
At the same time, both companies agreed on a merger. An important milestone has been reached, said Schaeffler boss Klaus Rosenfeld (57). The drive specialist Vitesco is to be merged into Schaeffler, based in Herzogenaurach. Schaeffler is aware of the importance of the Vitesco locations, especially Regensburg, for the e-mobility business, it said. However, Wolf will no longer be a member of the new company: After the merger, Vitesco manager Thomas Stierle will be responsible for the e-mobility division, explained Schaeffler.
The owner family Schaeffler has held on since the spin-off Continental almost half of Vitesco shares. She has agreed to initially keep her Vitesco shares. In the second step, the Schaeffler preferred shares would be exchanged for common shares. The family currently holds all voting rights; With the conversion of the listed preferences, the other shareholders are put on an equal footing. In the end, all remaining Vitesco shares could be exchanged for shares in the merged “new” Schaeffler, according to the plan.
The merger offers significant synergy potential
The exchange ratio itself is still open. It should be determined in the merger agreement on the basis of an independent determination of the company’s values, it said. The Vitesco general meeting is expected to decide on the merger on April 24th, the Regensburg-based company said. The transaction itself is expected to be completed with entry in the commercial register in the fourth quarter of 2024.