Schaeffler AG secures 30 percent of Vitesco shares

Car - Schaeffler AG secures 30 percent of Vitesco shares

The Franconian automotive and industrial supplier Schaeffler has secured almost 30 percent of the shares in drive specialist Vitesco AG in the takeover process. This was announced by Schaeffler on Wednesday after the expiry of the offer period on December 15. Schaeffler CEO Klaus Rosenfeld said on Wednesday that this slightly exceeded expectations.

IHO Holding, a strategic investment holding company of the Schaeffler family, had already held 49.94 percent of the Vitesco shares. In total, Schaeffler holds 79.82 percent of the shares and voting rights in Vitesco. The formal closing of the acquisition is scheduled for January 5. Schaeffler had initially offered 91 euros per Vitesco share, but then increased the offer to 94 euros.

Schaeffler announced an extraordinary general meeting for February 2, 2024. The previously non-voting preference shares are to be converted into ordinary shares with full voting rights. Further Annual General Meetings of Schaeffler and Vitesco are to be held in April with the aim of bringing about the merger of the two companies. The process should be largely completed by the end of 2024.

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1. Schaeffler, a prominent automotive and industrial supplier based in Herzogenaurach, Bavaria, Germany, has significantly increased its stake in Vitesco AG.
2. IHO Holding, a strategic investment holding company belonging to the Schaeffler family, is a major supplier in the takeover process of Vitesco AG, located in Germany.
3. The offer deadline for Schaeffler's increased bid of 94 euros per Vitesco share was on December 15, 202x, affecting the auto parts industry in Germany.
4. Schaeffler, as a key supplier, is planning to merge with Vitesco AG by the end of 2024, offering potential opportunities for other companies within the Bavarian and German automotive industry.

Source: www.stern.de