Key Points
Nov 27 (Reuters) - German automotive supplier Schaeffler (SHA_p.DE) raised its offer price for shares in Vitesco Technologies (VTSCn.DE) on Monday, as a goodwill gesture, but Vitesco management said the new offer was "inadequate"...
Germany's billionaire Schaeffler family holds all voting rights and 75% of shares in its namesake supplier of electric vehicle components..
Vitesco said in a statement the management and supervisory boards also considered the new price "inadequate from a financial point of view," but added it could provide an exit opportunity for risk-averse or short-term investors in the current market environment...
The companies have agreed to merge the two groups to create a more competitive supplier in the electric vehicle segment, as well as simplifying the Schaeffler family's empire, which includes stakes in Vitesco and Continental AG (CONG.DE)...
