Schaeffler to launch public tender offer for Vitesco Technologies shares

Schaeffler has decided to launch a public tender offer for all outstanding shares in Vitesco Technologies to create a leading Motion Technology Company with four focused divisions. This includes a combined division of E-Mobility with significant growth potential.

Vitesco shareholders are offered a cash consideration in the amount of 91 euros per share, which represents a premium of around 21 percent on the last closing price on October 6, 2023, and a premium of around 20 percent on the 3-month volume-weighted average share price. For shareholders who have been invested in Vitesco since the spin-off from Continental AG, this represents a premium of around 52 percent compared to the first Vitesco share price of 59.80 euros on September 16, 2021.

Schaeffler has arranged a financing package including an acquisition bridge facility to finance the tender offer. The financing package is fully underwritten by Bank of America, BNP Paribas and Citigroup, which act as financial advisors to Schaeffler. Schaeffler has entered into a non-tender agreement with IHO Holding, the strategic management holding of the Schaeffler family, for its 49.9 percent shareholding in Vitesco.