FX.co ★ Schaeffler, Vitesco To Merge

Schaeffler AG, a renowned German producer of rolling element bearings, has entered a merger agreement with Vitesco Technologies Group. This agreement provides the legal binding terms and conditions to merge Vitesco into Schaeffler.

The earlier disclosed initial exchange ratio of 5 to 57 has been officially confirmed in the signed agreement. Consequently, for each Vitesco share owned, shareholders will obtain 11.4 shares in Schaeffler.

This merger's effectiveness is contingent upon the endorsement from the Annual General Meetings of both organizations. These meetings have been scheduled for April 24, 2024, for Vitesco and April 25 for Schaeffler. Following these approvals, subsequent registrations in respective commercial registers will be required.

The transaction's finalization remains anticipated to occur in the last quarter of 2024.