HERZOGENAURACH/REGENSBURG (dpa-AFX) - The automotive and industrial supplier Schaeffler is another step closer to acquiring the drive specialist Vitesco. Both groups have concluded a merger agreement with the approval of their supervisory boards, they announced on Wednesday evening in Regensburg and Herzogenaurach. As announced, Vitesco shareholders are to receive 11.4 Schaeffler shares for each of their shares.

A joint valuation expert and the court-appointed merger auditor have confirmed the exchange ratio as appropriate, it was further stated. The shareholders of both companies still have to give their approval for the deal to go through. Vitesco shareholders will vote at their Annual General Meeting on April 24, Schaeffler shareholders will vote on April 25./stw/jha/