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Schaeffler buys Vitesco: EV supply consolidation accelerates

The merger is a sensible move for the Schaeffler family as it brings a growing business under its control while it manages the declining revenue at its other business areas, writes Ian Henry

In September 2021, Continental spun off its burgeoning electric mobility parts business into a new company, Vitesco. The dominant shareholder in Vitesco is the German Schaeffler family (the controlling shareholders in the Schaeffler industrial group). The family, which owned 49.99% of Vitesco after the spin-off (and also retained a 46% stake in Continental), is the driving force behind the plan to merge Vitesco into Schaeffler. It is offering minority shareholders a 21% premium to the Vitesco share price at the time of the offer in October 2023, or around a 52% premium on the Vitesco share price when it was spun off. The family will also sell its directly-held Vitesco shares to the Schaeffler company. The Schaeffler family’s stake in Continental derives from its attempted full take-over of Continental in 2008 which was finally abandoned in 2014. At that point Schaeffler owned 49.99% of Continental.

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