Schaeffler, Vitesco set share exchange ratio for planned merger

Schaeffler AG

26/02/2024 09:19

Feb 26 (Reuters) - German automotive supplier Schaeffler
 SHA_p.DE  and Vitesco  VTSCn.DE  took a further step towards
merging the companies on Monday with an agreement to exchange
11.4 Schaeffler shares per Vitesco Technologies share, they said
on Monday.
    The preliminary agreement is subject to approval by the
joint valuation expert, the court-appointed merger auditor and
the supervisory boards of Schaeffler and Vitesco, statements
from the companies said.
    On October 9, Schaeffler and Vitesco agreed to merge to
create a more competitive supplier in the electric vehicle
segment, and to simplify the Schaeffler family's empire, which
includes stakes in Vitesco and Continental  CONG.DE .
    Schaeffler shares were up 2.3% while Vistesco's dropped 9%
at 0854 GMT.


 (Reporting by Amir Orusov and Anastasiia Kozlova, Editing by
Rachel More)
 ((Anastasiia.Kozlova@thomsonreuters.com ;
Amir.Orusov@thomsonreuters.com))