Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Schaeffler, Vitesco set share exchange ratio for planned merger

Published 26/02/2024, 09:24
Updated 26/02/2024, 09:25
© Reuters.

(Reuters) - German automotive supplier Schaeffler and Vitesco took a further step towards merging the companies on Monday with an agreement to exchange 11.4 Schaeffler shares per Vitesco Technologies share, they said on Monday.

The preliminary agreement is subject to approval by the joint valuation expert, the court-appointed merger auditor and the supervisory boards of Schaeffler and Vitesco, statements from the companies said.

On October 9, Schaeffler and Vitesco agreed to merge to create a more competitive supplier in the electric vehicle segment, and to simplify the Schaeffler family's empire, which includes stakes in Vitesco and Continental.

Schaeffler shares were up 2.3% while Vistesco's dropped 9% at 0854 GMT.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.