The merger of Vitesco into Schaeffler will take effect from 1 October 2024, following completion of the procedures at the commercial registry. At the same time, all of Schaeffler's non-voting ordinary shares have been converted into fully voting shares. With this milestone, Schaeffler has completed the transaction with Vitesco as planned in the fourth quarter of 2024.
“The successful completion of the merger with Vitesco marks a major milestone in the history of the Schaeffler Group,” said Klaus Rosenfeld, CEO of the Schaeffler Group. “Despite market challenges, the transaction was completed on schedule in less than a year. This is a clear demonstration of the similarities between the two groups, not only in terms of technology but also in terms of culture. We will do our utmost to build the world’s leading mobility technology company.”
Under the exchange ratio set out in the merger agreement, existing Vitesco shareholders will receive 11.4 new Schaeffler common shares with full voting rights for each Vitesco share. As part of the share conversion, Schaeffler's previously listed non-voting common shares will also be converted into fully voting common shares at a ratio of 1:1.
The listing and trading of Schaeffler's new fully voting shares will begin on the Frankfurt Stock Exchange on 2 October 2024.
