October 16, 2023 | Industrials | Europe | Ended

Vitesco / Schaeffler: Deal Insight

Shares in Vitesco Technologies surged to a record high on 9-Oct-23 after family-controlled Schaeffler announced a series of transactions, including a voluntary takeover offer, to acquire the German powertrain supplier for €3.6bn. The offer consideration is €91 per Vitesco share and represents a 20.8% premium to the company’s undisturbed share price. Through a holding company, IHO Holding (private, “IHO”), the Schaeffler family holds 49.9% of Vitesco and 46.0% of German auto part manufacturer Continental (CON GR). Schaeffler’s board has reached an agreement with the Schaeffler family concerning IHO’s 49.9% stake in Vitesco and thus the tender offer pertains solely to the remaining 50.1%. Of note, the Schaeffler family itself holds all the voting rights and 75% of the shares in its namesake electric vehicle components supplier. Vitesco, which was spun off from Continental in 2021, has confirmed the offer and will decide on its next steps. The offer wasn’t discussed with Vitesco beforehand due to overlaps in the companies’ supervisory boards. However, Schaeffler is confident that the transaction will result in a “friendly merger,” per its CEO, Klaus Rosenfeld, and certainly everything seems amicable so far. Georg Schaeffler, Schaeffler’s supervisory board chairman, also serves on Vitesco’s board, as does Austrian businessman Siegfried Wolf, who owns 5% of Schaeffler. Schaeffler anticipates publishing the offer document on 15-Nov-23, pending ...

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