Vitesco shareholders approve merger with Schaeffler
The merger of the two suppliers Vitesco and Schaeffler is getting closer. The shareholders of Vitesco AG approved the merger plan of the two companies on Wednesday. On Thursday, Schaeffler shareholders are set to approve the merger at the Schaeffler AG's annual general meeting. Since the voting shares of Schaeffler AG are all in the hands of the owner family around Georg Friedrich Wilhelm Schaeffler and his mother Maria-Elisabeth Schaeffler, approval is considered a formality. At Vitesco, Schaeffler had already secured a clear majority in advance through its network of holding companies.
The merger will create one of the ten largest suppliers worldwide and the fourth largest in Germany - behind Bosch, ZF, and the Schaeffler sister company Continental. The merged company is expected to generate 25 billion euros in revenue, produce in 100 factories worldwide, and employ 120,000 employees.
Vitesco emerged from the former Continental driveline division in 2019 and was listed on the stock exchange in 2021. Fifteen years after Schaeffler almost overstretched itself with a risky takeover attempt at Conti, a former part of Conti is now merging into the Herzogenaurach company.
Vitesco is highly specialized in the development of electric drives. Schaeffler itself comes from the field of traditional drivetrains but is also increasingly focusing on the topic of e-mobility.
According to the merger agreement, Vitesco shareholders are to receive 11.4 Schaeffler shares for one Vitesco share as part of the merger. Both companies assume that the merger can be completed in the fourth quarter.
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