Admin I Monday, Oct. 09, 2023
BAVARIA – German automotive and industrial supplier Schaeffler plans to boost its presence in the electric mobility realm by acquiring Vitesco, a major supplier of powertrain technologies.
Schaeffler said on Monday it is offering Vitesco shareholders €91 ($96) per share in cash to ultimately merge the companies.
The Schaeffler family already holds nearly 50% of Vitesco through a holding company.
Vitesco shares were last quoted at €75.35 – the offer price would therefore be a premium of just under 21%.
The merger of the two Bavarian companies is expected to bring annual cost savings of €600 million before interest and taxes, and this is to be realized by 2029.
Schaeffler wants to have its preferred shares converted into common shares with voting rights in the proposed merger. The shareholders still have to decide on this.
