Schaeffler AG is seeking to buy out Vitesco Technologies Group AG, valuing the maker of electric-vehicle and combustion-car components at €3.64 billion ($3.8 billion).
(Bloomberg) — Schaeffler AG is seeking to buy out Vitesco Technologies Group AG, valuing the maker of electric-vehicle and combustion-car components at €3.64 billion ($3.8 billion).
The German ball-bearings maker is offering 91 euros a share in cash, it said Monday, confirming an earlier report by Bloomberg News. Holding companies controlled by the billionaire Schaeffler family already own 49.9% of Vitesco, which was spun off from Continental AG in 2021, the automotive supplier also backed by the industrialist family.
The Schaefflers have been studying ways to reshape their industrial empire as the automotive industry grapples with the shift toward electric vehicles. The bid represents a 20% premium to Vitesco’s average share price over the past three months. Prior to the bid, Vitesco gained 39% this year.
Continental’s chief executive officer recently told German newspaper Welt am Sonntag that he’s open to selling businesses if it will help create value. The company is already considering divesting parts of ContiTech, a smaller unit that also makes car parts including drive belts and engine pulleys.
–With assistance from Christoph Rauwald.
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