Two German companies with significant operations in Romania could merge if the plans announced now go ahead. We are talking about Schaeffler and Vitesco, which in the event of a merger will create an automotive group with annual global sales of 25 billion euros.
The publication Bloomberg wrote that the Schaeffler group made an offer to take over Vitesco Technologies, a company that will be valued at 3.8 billion euros.
Holdings controlled by the Scheffler family own 49% of Vitesco, a company that split from the Continental automotive group in 2021. The takeover will create a large company and the Schaeffler group will have a greater presence in the production of components for electric vehicles, where Vitesco has invested heavily in recent years.
Both companies have a significant presence in Romania.
Schaeffler received a financing package secured by Bank of America, BNP Paribas and Citigroup for the operation, which it hopes will achieve annual savings of 600 million euros.
Sources: Automotive News, Bloomberg
Source: Hot News
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