As a part of the deliberate takeover of the drive producer introduced in October, Schaeffler is rising its supply from 91 to 94 euros per Vitesco share. The acceptance interval will finish on December 15, 2023. For shareholders who’ve been invested in Vitesco because the spin-off from Continental AG, this leads to a premium of 57.2 per cent on the preliminary Vitesco share worth of 59.80 euros on September 16, 2021 – with the beforehand provided 91 euros it was 52 per cent. Schaeffler itself had already elevated its stake to 49.99 per cent final yr.
Whereas there shall be no assertion on the longer term group in October, Schaeffler is now making it clear: Vitesco is to be absorbed into Schaeffler AG, primarily based in Herzogenaurach. An “integration committee with equal illustration” is to handle the mixing course of – comprising the CEOs, CFOs and HR administrators of Schaeffler and Vitesco. “Beneath the management of the mixing committee, each corporations will develop a marketing strategy for the mixed firm by mid-2024 on the newest,” says Schaeffler. The primary assembly has been introduced for this yr. The mixed firm is to supply a seamless product portfolio, significantly within the subject of electrification, and thus exploit the accelerated progress potential of electrical mobility.
It has been agreed that the E-Mobility division shall be managed by Thomas Stierle, who beforehand headed the Vitesco Electrification division. This personnel choice is necessary for the course of the division. Stierle will then even be a member of the longer term nine-member Group Govt Board. Along with Schaeffler CEO Klaus Rosenfeld, the 4 “purposeful board members” CFO, CHRO, CTO and COO in addition to the CEOs of the 4 divisions can even sit on the board.
“At Schaeffler, we’re absolutely satisfied that each corporations ideally complement one another and can thus be stronger collectively,” says Rosenfeld. “We’re happy that, after intense and, partly, for either side difficult discussions, we got here to a enterprise mixture settlement, which now lays the bottom for a swift and efficient integration.”
In line with Schaeffler, the mixed firm could have professional forma annual gross sales of round 25 billion euros and make use of greater than 120,000 folks. Schaeffler continues to anticipate the merger to supply vital synergy potential with an anticipated EBIT impact of 600 million euros yearly, which is predicted to be absolutely achieved in 2029.
schaeffler.com