Schaeffler and Vitesco Technologies today entered into a merger agreement, following the approval of their respective Supervisory Boards. The agreement sets out the legally binding terms and conditions for the merger of Vitesco Technologies Group AG into Schaeffler AG (“Schaeffler”). The previously published preliminary exchange ratio of 5 to 57 was confirmed as binding in the signed agreement. Thus, Vitesco Technologies shareholders will receive 11.4 Schaeffler shares in exchange for one Vitesco Technologies share.
Vitesco Technologies acknowledges that Schaeffler today published the offer document for the unsolicited voluntary public tender offer for Vitesco Technologies. The Executive Board and Supervisory Board of Vitesco Technologies will comprehensively assess the offer document taking into account the interests of all stakeholders and publish a reasoned statement on the offer in due course.
