The automotive supplier Schaeffler wants to form a specialist in electromobility by taking over the drive specialist Vitesco. Schaeffler is offering Vitesco shareholders 91 euros per paper in cash in order to ultimately merge the companies, as the SDax company announced on Monday in Herzogenaurach. The Schaeffler family already holds almost 50 percent of Vitesco through a holding company. The Vitesco share was last quoted at 75.35 euros – the offer price would therefore be a premium of almost 21 percent.
The merger of the companies is expected to bring annual cost savings of 600 million euros before interest and taxes, which should be achieved by 2029. It was said that Schaeffler and Vitesco had a matching technology portfolio, particularly in the area of e-mobility. In the proposed merger, Schaeffler also wants to have its preferred shares converted into common securities with voting rights. The shareholders still have to decide on this.
