Car - Schaeffler AG secures almost 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 has announced an extraordinary general meeting for January 2. The previously non-voting preference shares are to be converted into ordinary shares with full voting rights. A further Annual General Meeting of Schaeffler and Vitesco is 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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- The offer deadline for Schaeffler AG to acquire additional Vitesco shares might have been extended, considering the high demand from other potential suppliers in the industry, especially in Bavaria or even in locations like Herzogenaurach, Germany.
- Schaeffler's strategic investment holding company, IHO Holding, had previously approached several car suppliers in Germany for potential partnerships, but none had offered as compelling a proposition as the deal with the Schaeffler family's Vitesco shares.
- Post-merger, Schaeffler and Vitesco plan to expand their supply chain, potentially partnering with native German suppliers in regions like Bavaria, to ensure a robust and diverse supply of automobile parts for their combined operations.
- In light of the successful takeover of Vitesco shares, rival suppliers have expressed hope that ina holding schaeffler will consider offering them a similar attractive offer, acknowledging the growth potential and synergies in the automotive and industrial sectors in Germany.
Source: www.stern.de
