Brief: Schaeffler Acquires Additional Stake Of 9% In Vitesco

Schaeffler AG

23/01/2024 13:15

Jan 23 (Reuters) - SCHAEFFLER AG  SHA_p.DE :
    * ACQUIRES ADDITIONAL STAKE OF 9 PERCENT IN VITESCO
    * TOGETHER WITH IHO HOLDING, SCHAEFFLER HOLDS 88.81 PERCENT
OF
SHARE CAPITAL AND VOTING RIGHTS IN VITESCO
    * PRICE PAID FOR ADDITIONAL VITESCO SHARES BELOW
CONSIDERATION OF
TENDER OFFER
    * ACQUISITION INCREASES SCHAEFFLER'S SHAREHOLDING IN VITESCO
TO
APPROXIMATELY 38.87 PERCENT
    * STAKE PREVIOUSLY HELD BY BOFA SECURITIES EUROPE S.A. AS
PART OF
A TOTAL RETURN SWAP AGREEMENT WITH SCHAEFFLER
    * IT IS FURTHER EXPECTED THAT A MERGER WITH VITESCO IN Q4 OF
2024
AND UNIFICATION OF COMMON SHARES WITH FULL VOTING RIGHTS OF
SCHAEFFLER WILL RESULT IN IMPROVED LIQUIDITY IN SHARES
    * PRICE OF ADDITIONAL SHARES ACQUIRED IS LOWER THAN
CONSIDERATION
PAID BY SCHAEFFLER IN TENDER OFFER
    * COMMITMENT TO ACHIEVE AN INCREASED FREE FLOAT OF
APPROXIMATELY
30 PERCENT REMAINS UNCHANGED
    * ACQUISITION INCREASES SCHAEFFLER'S SHAREHOLDING IN VITESCO
TO
APPROXIMATELY 38.87 PERCENT
    * IHO, STRATEGIC MANAGEMENT HOLDING OF SCHAEFFLER FAMILY,
CONTINUES TO HOLD APPROXIMATELY 49.94 PERCENT OF SHARES IN
VITESCO
    * TO ACQUIRE A STAKE OF 3.6 MILLION SHARES IN VITESCO
    * TOGETHER WITH IHO HOLDING, SCHAEFFLER NOW HOLDS
APPROXIMATELY
88.81 PERCENT OF SHARE CAPITAL AND VOTING RIGHTS IN VITESCO


Source text for Eikon:  ID:nEQbr49Wwa 
Further company coverage:  SHA_p.DE 

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