Schaeffler increases stake in Vitesco Technologies
In Germany, the Schaeffler family has increased its stake in the drive manufacturer Vitesco Technologies. The Schaeffler company IHO has acquired 1.6 million Vitesco shares. This increases the family’s stake in Vitesco Technologies by around four per cent to a total of 49.99 per cent.
As reported, Vitesco has been listed on the stock exchange since 16 September 2021. Vitesco Technologies is known to be the former Powertrain business unit of Continental AG. The Schaeffler Group, in turn, has been the largest single shareholder of Continental AG since 2009, and since 2015 Continental has also been a sister company of Schaeffler AG in organisational terms.
As the family holding company IHO has now announced, the 49.99 per cent is held by various companies in the holding company. The details of the purchase and price of the 1.6 million shares have not been disclosed.
Vitesco is listed in the small-cap index SDax. In early trading, the share price rose by more than three per cent to 38.20 euros after the news became public. So far this year, the share has lost more than ten per cent in value.