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10/20/2023
Transformation of the drives
News
Schaeffler wants to take over drive expert Vitesco
Schaeffler wants to take over the drive specialist Vitesco in a three-stage transaction. To do so, the automotive supplier is acquiring a majority stake in Vitesco. Schaeffler intends to create a "leading motion technology company" and take advantage of the "accelerated growth of electromobility".
Vitesco, which was spun off from Continental two years ago, is valued at 3.64 billion euros. Schaeffler has since held just under 50 percent of the supplier of drive technology for electric vehicles. With the takeover, the Franconian family-owned corporation wants to create a specialist for e-mobility, which has struggled with the change so far. The companies have a complementary technology portfolio, it says.
Klaus Rosenfeld, Chairman of the Executive Board of Schaeffler AG and member of the Supervisory Board of Vitesco Technologies AG, says: “With the launch of the tender offer today, we are initiating a transformative move for Schaeffler. By combining Schaeffler and Vitesco, we will build a leading Motion Technology Company with four focused ‘pure-play’ divisions, a balanced well-diversified portfolio, and critical scale across its businesses. This includes a best-in-class e-mobility champion with significant growth potential. The combination will make Schaeffler and Vitesco stronger together and is beneficial for customers, employees, shareholders and business partners.”
The combined company would have 120,000 employees in 44 development centres and 100 production plants. Annual turnover after the merger is estimated at around 25 billion euros.
