Vitesco’s shares, traded in the heart of Europe’s financial epicenter, the Frankfurt Stock Exchange, skyrocketed to match Schaeffler’s bid, witnessing a staggering 21% ascent from its previous close. In contrast, Schaeffler’s shares took a slight dip, shedding 5%.
Schaeffler’s €3.6B Bid For Vitesco : Envisioning a Tech-Driven Future
This union isn’t just about numbers—it’s about pioneering the future of motion tech. With a laser focus on electromobility, Vitesco brings its prowess in crafting devices for both EVs and traditional engines. “This alliance will supercharge both Schaeffler and Vitesco, driving benefits across the board,” Klaus Rosenfeld, Schaeffler’s captain at the helm, asserted.
Fueling the Acquisition: Financial Heavyweights Step In
In the backdrop, to keep the engine of this deal purring, Schaeffler secured a robust financing package. This treasure chest, safeguarded by the banking titans—Bank of America, BNP Paribas, and Citigroup, ensures Schaeffler’s bid remains on track.
Next Stop: Shareholder Approval
But it’s not a done deal just yet. Shareholders, the guardians of these automotive giants, will have their say. With the annual meetings looming, all eyes are on the approval process. If stars align, we might witness this monumental merger’s grand finale by 2024’s curtain drop.
