HERZOGENAURACH (dpa-AFX) – The automotive and industrial supplier Schaeffler is making progress with the takeover of the drive specialist Vitesco (Vitesco Technologies). Both companies had agreed on a preliminary exchange ratio of 11.4 Schaeffler shares per Vitesco share, Schaeffler announced on Monday in Herzogenaurach. The exchange ratio is crucial for investors who still own Vitesco shares after Schaeffler’s takeover offer expired in December.
While the Vitesco shares listed in the MDAX lost more than ten percent of their value around midday, the Schaeffler preferred shares listed in the SDAX gained around 1.5 percent. Based on the Schaeffler price of 6.40 euros, the exchange ratio would correspond to a Vitesco share value of just under 73 euros. The price is now approaching this level.
Warburg analyst Marc-René Tonn had previously reduced the price target for Vitesco based on his exchange ratio calculations. In the three months before the takeover was announced, Vitesco shares would have cost an average of 13.8 times the Schaeffler price. Based on the price level on Friday, this suggests a Vitesco price of 87 euros. Tonn lowered his price target to this level. At 73 euros, the value could be significantly lower.
One trader expressed cautious doubts as to whether the exchange ratio mentioned will be the last straw. The valuation expert appointed jointly by both parties and the “court-appointed merger auditor” would still have to confirm the value. In addition, the supervisory boards of both companies would still have to agree, it was said.
The actual merger of the two companies is to be decided at the respective general meetings at the end of April. It would create one of the largest supplier companies in Germany with sales of 25 billion euros, 120,000 employees and more than 100 factories worldwide.
Vitesco, which was spun off from Schaeffler’s sister company Continental in 2021 and listed on the stock exchange, is considered a specialist in electric drives. Schaeffler announced in January that it had already collected almost 89 percent of Vitesco shares. Schaeffler initially offered 91 euros per Vitesco share, but then increased its offer to 94 euros after Vitesco protested./mne/ngu/jha/
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