By Adria Calatayud
Schaeffler is making an offer to buy all Vitesco Technologies Group’s shares in a public bid that values the target at 3.64 billion euros ($3.85 billion) and that seeks a combination of two of Germany’s largest auto suppliers.
Schaeffler said Monday that it is offering EUR91 per Vitesco share in cash, and that this is intended as a first of three steps toward a combination of the two companies.
The price represents a 21% premium to Vitesco’s closing price of EUR75.35 on Friday.
Schaeffler has arranged a comprehensive financing package to fund the offer, it said.
A combination would significantly improve competitiveness, especially in electrification, Schaeffler said. The bidder said it sees potential for EUR600 million in annual revenue and cost synergies, to be achieved fully in 2029.
Write to Adria Calatayud at [email protected]
Read the full article here
