Published by Pierre Bertrand
German auto supplier Schaeffler has announced that it has entered into an agreement to acquire an additional 3.6 million shares of Vitesco Technologies Group, representing around 9% of the company's total shares. This move will increase Schaeffler's shareholding in Vitesco to 38.87%.
The acquisition of these shares was made at a price lower than what Schaeffler paid in the tender offer. Previously, the stake was held by BofA Securities Europe.
Schaeffler's decision to acquire these additional shares comes as the company continues to work on merging with its German peer. The expected merger between Schaeffler and Vitesco is anticipated to take place in the fourth quarter of 2024, resulting in improved liquidity in the shares.
This recent acquisition follows Schaeffler's securing of a 29.88% stake in Vitesco back in December. The offer to merge with Vitesco was initially launched by Schaeffler in October.
As of now, Schaeffler, along with IHO Holding, the strategic management holding of the Schaeffler family, collectively holds 88.81% of the share capital and voting rights in Vitesco.