10 Oct 2023, 12:24
Jennifer Collins

Germany's Schaeffler eyes major takeover to become "leading electromobility supplier"

Clean Energy Wire / Süddeutsche Zeitung

Schaeffler, a major Bavaria-based automotive supplier, has said it wants to acquire Vitesco, a specialist in vehicle electrification technologies, with the aim of becoming a "leading German supplier in the field of electromobility." The billion-euro deal would see Schaeffler acquire Vitesco for 91 euros a share with the aim of merging the two companies. If Vitesco shareholders agree to the merger, the move would result in a giant "motion technology company" with 120,000 employees, 100 factories, 44 research and development centers and projected yearly sales of 25 billion euros, according to statement by Schaeffler.The companies have a "complementary technology portfolio" particularly when it comes to e-mobility and merging would allow the businesses to take "advantage of the accelerated growth in the potential of electromobility."
The Schaeffler family already owns 49.9 percent of Vitesco but need to achieve a majority of 75 percent to push the deal through, according to newspaper Süddeutsche Zeitung.  If enough Vitesco investors accept the offer, the merger is expected to be completed by the end of 2024.

The transformation to wards climate-neutral mobility poses great challenges for Germany's famed automotive industry, which is still heavily geared towards combustion engine vehicles. Despite government efforts to accelerate the transformation towardss electric vehicles, there are increasing doubts over whether the country can reach its sectoral targets. “The current state of affairs signals that the German government's target of 15 million electric vehicles in 2030 will be missed by 50 percent,” according to the Center of Automotive Management (CAR).

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