Schaeffler AG to submit tender offer for Vitesco Technologies (updated)

Schaeffler AG

09/10/2023 06:40

(Adds background)
       Oct 9 (Reuters) - Schaeffler AG  SHA_p.DE  will launch a
tender offer to all shareholders of Vitesco Technologies
 VTSCn.DE , the German EV components maker said on Monday.
    The company - controlled by Germany's billionaire Schaeffer
family - is offering to acquire all no-par value registered
shares for 91 euros ($96.02) per share -- 21 percent more than
Friday's closing price.
    Schaeffler AG said in a statement that the offer will not be
subject to a minimum acceptance rate.
    "With the business combination, a leading motion technology
company with four focused divisions and revenues of
approximately 25 billion euros will be created," the company
said.
    Regensburg-based Vitesco, which was spun off from
Continental  CONG.DE  two years ago, is valued at 3.64 billion
euros. Schaeffler family holding companies already own about
49.9% of Vitesco.
        As part of the takeover, Schaeffler AG also wants to
simplify its shareholder structure. The listed preference shares
are to be converted into ordinary shares, and the remaining
shareholders will thus be placed on an equal footing with the
family holding the ordinary shares.
  


($1 = 0.9477 euros)

 (Reporting by Ozan Ergenay, Editing by Friederike Heine and Kim
Coghill)
 ((Ozan.Ergenay@thomsonreuters.com;))