Vitesco

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Vitesco shares hit all-time high on $3.8 billion Schaeffler deal

đź“… Date:

đź”– Topics: Acquisition

🏢 Organizations: Vitesco, Schaeffler


Vitesco (VTSCn.DE) shares reached a record high on Monday on news that family-controlled Schaeffler AG (SHA_p.DE) will launch a tender offer valuing the German powertrain supplier at 3.64 billion euros ($3.83 billion). Schaeffler aims to eventually merge the two groups to create a more competitive supplier in the electric vehicle segment, as well as simplifying the Schaeffler family’s empire, which includes stakes in Vitesco and Continental AG.

Read more at Reuters