Merger of Vitesco Technologies Group AG into Schaeffler AG Successfully Completed

Schaeffler AG has announced the successful completion of its merger with Vitesco Technologies Group AG. This merger, effective as of October 1, 2024, follows the conversion of Schaeffler’s non-voting common shares into common shares with full voting rights. Vitesco shareholders received 11.4 newly issued Schaeffler common shares for each Vitesco share as part of the transaction. The newly issued Schaeffler shares will commence trading on October 2, 2024.

Klaus Rosenfeld, CEO of Schaeffler AG, highlighted the significance of this merger, emphasizing the successful integration despite a challenging environment. Georg F. W. Schaeffler, Chairman of the Supervisory Board, noted that the merger positions Schaeffler AG for continued profitable growth.

The combined entity anticipates achieving revenue and cost synergies with an estimated EBIT impact of 600 million euros annually by 2029. Schaeffler's structure will now include four focused divisions and continue operations under the unified brand.