Schaeffler to Merge with Vitesco Technologies, Trading Suspension Set for October 1, 2024

Schaeffler to Merge with Vitesco Technologies, Trading Suspension Set for October 1, 2024

(IN BRIEF) Schaeffler AG has announced that its merger with Vitesco Technologies Group AG will officially take effect on October 1, 2024. The merger will involve the absorption of Vitesco Technologies by Schaeffler, with shareholders of Vitesco receiving Schaeffler shares in exchange. Additionally, Schaeffler’s non-voting shares will be converted into common shares. Due to this merger, the Frankfurt Stock Exchange will suspend trading of Schaeffler’s non-voting shares and Vitesco’s shares starting October 1, 2024, with the final trading day being September 30, 2024. Trading of Schaeffler’s common shares is expected to resume on October 2, 2024. Schaeffler will continue to provide market updates in line with regulatory obligations.

(PRESS RELEASE) HERZOGENAURACH, 28-Sep-2024 — /EuropaWire/ — Schaeffler AG (Common shares: ISIN DE000SHA0019 / WKN: SHA001) anticipates the upcoming merger with Vitesco Technologies Group AG (ISIN: DE000VTSC017 / WKN: VTSC01) will be officially completed on October 1, 2024. The merger will be executed through an absorption process, where Vitesco Technologies Group AG will merge into Schaeffler AG, and existing Vitesco shareholders will receive shares in Schaeffler AG in return. Additionally, Schaeffler AG’s non-voting shares (ISIN: DE000SHA0159 / WKN: SHA015) are also expected to convert into common shares effective the same day.

As part of this transition, it is anticipated that the Frankfurt Stock Exchange will suspend trading in Schaeffler AG’s non-voting shares and Vitesco Technologies Group AG’s shares before trading begins on October 1, 2024. Consequently, September 30, 2024 will mark the final trading day for both securities. Trading of Schaeffler AG’s common shares is expected to resume on October 2, 2024.

Schaeffler AG will continue to provide updates to the capital markets in compliance with its legal requirements.

Forward-looking statements and projections
Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue.

Schaeffler Group

We pioneer motion The Schaeffler Group has been driving forward groundbreaking inventions and developments in the field of motion technology for over 75 years. With innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion more efficient, intelligent, and sustainable – over the entire life cycle. The Motion Technology Company manufactures high-precision components and systems for drive train and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group generated sales of EUR 16.3 billion in 2023. With around 84,000 employees, Schaeffler is one of the world’s largest family-owned companies and one of Germany’s most innovative companies.

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SOURCE: Schaeffler AG