Vitesco Technologies and Schaeffler AG announce preliminary agreement for their merger

On February 26, 2024, a preliminary agreement regarding the share exchange ratio was reached between Vitesco Technologies Group AG and Schaeffler AG, as part of their proposed merger. The agreement establishes a ratio of 11.4 Schaeffler shares for each Vitesco Technologies share. This agreement represents a key step in progressing towards the planned merger, where Vitesco Technologies will be integrated into Schaeffler.

The application of this exchange ratio remains conditional on the validation of the joint assessment by an expert appointed by the two parties as well as by a merger auditor appointed by the court. Additionally, this agreement is subject to approval by the supervisory boards of Vitesco Technologies and Schaeffler. The formalization of the merger agreement is planned before the convening of the annual general meetings of the two companies, necessary to approve the merger.

The finalization of the merger is subject to its approval by the general meetings of Vitesco Technologies and Schaeffler, as well as its registration in the commercial register. Vitesco Technologies will communicate on significant developments related to this merger in compliance with legal requirements.