HERZOGENAURACH (dpa-AFX) - The Franconian automotive and industrial supplier Schaeffler is making progress with the takeover of the Regensburg-based drive specialist Vitesco. The company has agreed with Vitesco on a preliminary exchange ratio of 11.4 Schaeffler shares for each Vitesco share, Schaeffler announced in Herzogenaurach on Monday. However, the valuation expert jointly appointed by both parties and the "court-appointed merger auditor" would have to confirm the exchange ratio as appropriate. The supervisory boards of both companies would also have to give their approval.

The actual merger is to be approved at the annual general meetings of Schaeffler and Vitesco at the end of April. This would create one of the largest supplier companies in Germany with a turnover of 25 billion euros, 120,000 employees and more than 100 factories worldwide.

Vitesco, which was spun off from Schaeffler sister company Continental in 2021 and floated on the stock exchange, specializes in electric drives. Schaeffler announced in January that it had already acquired almost 89 percent of Vitesco shares. Schaeffler had initially offered 91 euros per Vitesco share, but then increased its offer to 94 euros following protests from Vitesco./mne/stk