Vitesco slides as it agrees share exchange ratio with Schaeffler

Schaeffler AG

26/02/2024 09:26

** Shares in Vitesco  VTSCn.DE  fall more than 7% after the
German EV components maker and automotive supplier Schaeffler
 SHA_p.DE  set a preliminary share exchange ratio for their
planned merger
    ** The companies agreed to exchange 11.4 Schaeffler shares
per Vitesco share
    ** "The (preliminary, not finalized) ratio seems below
expectations and initial comments which were suggesting
something more between 13-14x and implying a >15% discount for
VTSC," Oddo BHF says
    ** The Vitesco stock falls to the bottom of Germany's
mid-cap index  .MDAXI , while Schaeffler's shares rise 1.4%

 (Reporting by Tristan Veyet)
 ((Tristan.chabba@thomsonreuters.com))