HERZOGENAURACH/REGENSBURG (dpa-AFX) - Automotive supplier Schaeffler plans to form an e-mobility specialist by acquiring drive specialist Vitesco. Schaeffler is offering Vitesco shareholders 91 euros per share in cash with a view to ultimately merging the companies, the SDax company announced Monday in Herzogenaurach. The Schaeffler family already holds nearly 50 percent of Vitesco through a holding company. The merger of the companies is expected to generate annual cost savings of 600 million euros before interest and taxes, and this is to be realized by 2029. Schaeffler and Vitesco had a matching technology portfolio, particularly in the area of e-mobility, it said. Earlier, the Bloomberg news agency had reported on corresponding plans by the Schaeffler family.
Schaeffler also plans to have its preferred shares converted into common shares with voting rights in connection with the proposed merger. The shareholders have yet to decide on this. Schaeffler said it has arranged a comprehensive financing package that includes bridge financing for the acquisition offer. Vitesco shares were last quoted at 75.35 euros - the offer price would therefore be a premium of almost 21 percent./men/stk
