On March 13, 2024, long-standing S&C client Schaeffler AG and Vitesco Technologies Group AG entered into a merger agreement, following the approval of their respective Supervisory Boards. Under the terms of the merger agreement, Vitesco shareholders will receive 11.4 Schaeffler shares in exchange for one Vitesco share.
The completion of the merger is subject to the approval of the respective Annual General Meetings of both companies, which are scheduled for April 24, 2024 (Vitesco) and April 25, 2024 (Schaeffler), as well as the subsequent registration in the respective commercial registers.
This merger is the final step of a complex three-step transaction towards Schaeffler’s business combination with Vitesco, to create a leading motion technology company.
Schaeffler is a global tech company focusing on automotive and industrial applications and solutions.
The Sullivan & Cromwell team advising Schaeffler on this transformative transaction is led by Carsten Berrar, Konstantin Technau and Stephan Rauch and includes Michael Haase, Frederick Eggert, Ozan Yildirim and Lea Detambel. Michael Rosenthal and Kolja Ortmann are advising on competition matters.