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The Vitesco Technologies Group became part of the Schaeffler Group as of October 1, 2024, due to the merger of Vitesco Technologies Group AG into Schaeffler AG.
Please note: Legal or actual changes since October 1, 2024, are therefore no longer reflected in the content of the website.
As the website is no longer updated, we assume no liability for the content of this website, or the linked websites contained therein. The operators of the linked sites are solely responsible for their content.
Irrespective of this, you can still find the current BPCoC and the General Terms and Conditions of Purchase at Vitesco Technologies - Suppliers (vitesco-technologies.com)
Under the following link you will find the current Schaeffler website:
Regensburg, April 24, 2024. Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, headquartered in Regensburg, Germany, held its 2024 Annual General Meeting today. The Annual General Meeting was hosted virtually this year from Gaszählerwerkstatt in Munich.
By way of individual votes, the shareholders approved the actions of all members of the Executive Board for their respective terms of appointment during 2023. The actions of all serving members of the Supervisory Board in 2023 were also approved for their respective terms of appointment. Furthermore, the Annual General Meeting approved all other agenda items.
Around 80 shareholders attended the Annual General Meeting virtually. At the time of the resolutions, around 37,9 million shares were represented, which equates to 95 percent of the approximately 40 million outstanding shares.
The merger agreement was also approved at today’s Annual General Meeting. It sets out the conditions of the merger of Vitesco Technologies Group AG into Schaeffler AG.
For the merger to become effective, it now requires the approval of Schaeffler AG's Annual General Meeting on April 25, 2024, and the subsequent entry of the merger in the commercial registers of both companies. The merger is still expected to be completed in the fourth quarter of 2024.
The merger is part of the combination of the Vitesco Technologies Group and the Schaeffler Group, which was planned and initiated by Schaeffler AG. Together, the Schaeffler AG and the associated companies of the Schaeffler family control almost 90 percent of the shares in Vitesco Technologies. The planned merger will result in the creation of a restructured motion technology company with four focused divisions.
The preliminary exchange ratio of 5 to 57 was confirmed for the remaining roughly 10 percent of Vitesco Technologies shares, meaning that Vitesco Technologies shareholders will receive 11.4 Schaeffler shares in exchange for one Vitesco Technologies share. The exchange ratio was confirmed as appropriate by a joint valuation expert appointed by both parties and the court-appointed merger auditor.
2023 was another successful year at Vitesco Technologies. In fiscal year 2023, total order intake came to more than €12 billion. Roughly €8.3 billion of this was attributable to components for electric vehicles. As of December 31, 2023, Vitesco Technologies had a total order backlog of around €58 billion, of which more than half was related to electrification.
Comprehensive documentation relating to the 2024 Annual General Meeting is available in the ‘Annual General Meeting’ section of Vitesco Technologies’ website.
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