(RTTNews) - Schaeffler AG Tuesday said it agreed to acquire an additional 3.6 million shares of Vitesco Technologies Group, around 9% of the company.
The German auto supplier said that the acquisition will raise Schaeffler's shareholding in Vitesco to 38.87%.
Schaeffler agreed with BofA Securities Europe S.A. to acquire a stake of 3.6 million shares in Vitesco Technologies.
BofA Securities had acquired the shares in the market in connection with the Total Return Swap following Schaeffler's announcement of the public tender offer. The price of the additional shares acquired is lower than the consideration paid by Schaeffler in the tender offer.
IHO, the strategic management holding of the Schaeffler family, continues to hold approximately 49.94 percent of the shares in Vitesco. With the IHO Holding, Schaeffler now holds approximately 88.81 percent of the share capital and voting rights in Vitesco.
Schaeffler said that it expected that the merger between it and Vitesco in the fourth quarter of 2024 would result in improved liquidity in the shares.
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