The agreement sets out legally binding terms and conditions for the merger of Vitesco into Schaeffler, the latter said in a press release.
The previously published preliminary exchange ratio of 5 to 57 was confirmed as binding in the signed agreement, meaning Vitesco shareholders will receive 11.4 Schaeffler shares in exchange for one Vitesco share.
The effectiveness of the merger agreement is subject to the approval of the respective Annual General Meetings of both companies, which are scheduled for April 24 for Vitesco and April 25 for Schaeffler, as well as the subsequent registration in the respective commercial registers.
“The signing of the merger agreement marks another important milestone in the implementation of the transaction, said Schaeffler boss Klaus Rosenfeld.
“We are confident that we will complete the transaction as planned in the fourth quarter and successfully realize our plan to establish a leading Motion Technology Company together with Vitesco in the best interest of our customers, shareholders, and employees.”
