Billionaire Schaeffler family mulls Vitesco buyout -Bloomberg News

Schaeffler AG

08/10/2023 23:44

Oct 8 (Reuters) - Germany's billionaire Schaeffler
family is considering a buyout of Vitesco Technologies Group
 VTSCn.DE  to boost their presence in the electric vehicle
supply chain, Bloomberg News reported on Sunday.
    The industrialists, who also control Schaeffler AG
 SHA_p.DE , could announce their plans as early as Monday, the
report added, citing people with knowledge of the matter.
    Schaeffler family holding companies already own about 49.9%
of Vitesco, Bloomberg said. Vitesco has a market value of about
3 billion euros ($3.2 billion), the report added.
    Schaeffler and Vitesco did not immediately respond to
Reuters request for comment.


($1 = 0.9472 euros)

 (Reporting by Lavanya Ahire in Bengaluru; Editing by Lisa
Shumaker)
 ((LavanyaSushil.Ahire@thomsonreuters.com;))