Schaeffler acquires additional stake of 9 percent in Vitesco
Schaeffler has entered into an agreement with BofA Securities Europe to acquire a stake of 3.6 million shares in Vitesco Technologies Group AG. This corresponds to a total stake of approximately 9.00 percent in Vitesco.
BofA Securities Europe had acquired the shares in the market in connection with the Total Return Swap following Schaeffler’s announcement of the public tender offer. The price of the additional shares acquired is lower than the consideration paid by Schaeffler in the tender offer.
The acquisition increases Schaeffler’s shareholding in Vitesco to approximately 38.87 percent. IHO, the strategic management holding of the Schaeffler family, continues to hold approximately 49.94 percent of the shares in Vitesco. Together with the IHO Holding, Schaeffler now holds approximately 88.81 percent of the share capital and voting rights in Vitesco.
It is further expected that a merger with Vitesco in the fourth quarter of 2024 and the unification of the common shares with full voting rights of Schaeffler will result in improved liquidity in the shares. The commitment to achieve an increased free float of approximately 30 percent remains unchanged.