The shareholders of Vitesco Technologies have given the green light for the planned merger with the automotive and industrial supplier Schaeffler at the recent Annual General Meeting. This step marks a decisive moment for the SDAX-listed company as the merger agreement now defines the conditions for the consolidation of Vitesco Technologies Group AG with Schaeffler AG.

"The approval of Schaeffler's shareholders, which is expected at the general meeting next Thursday, is still required for the merger to come about. The completion of the merger is still targeted for the fourth quarter of 2024."

Significant for the structure of the new corporate unit is that Schaeffler AG, along with the family Schaeffler's holding companies, already holds just under 90 percent of the shares in Vitesco. This highlights the strategic importance of the merger for both companies in the dynamic market for automotive and industrial suppliers.