FRANKFURT (dpa-AFX) - The exchange ratio in the course of the Vitesco takeover by Schaeffler caused movement on both sides on Monday. In the case of Vitesco, this was negative, as it fell by almost ten percent at the end of the MDax, while Schaeffler rose by 1.5 percent and thus mingled with the bigger winners in the SDax. Vitesco reached its lowest level since the end of December.

The exchange ratio is key for investors who still hold Vitesco shares after Schaeffler's takeover bid expired in December. In the course of the planned merger, the agreement on a preliminary ratio of 11.4 Schaeffler shares per Vitesco share was announced. Based on the Schaeffler share price of 6.40 euros, this would correspond to a Vitesco share value of just under 73 euros. The share price is now approaching this level.

Previously, analyst Marc-René Tonn had reduced the price target for Vitesco based on his calculations of the exchange ratio. In the three months prior to the announcement of the takeover, Vitesco shares would have cost an average of 13.8 times the Schaeffler share price. Applying this benchmark to Friday's share price level, this would suggest a Vitesco share price of 87 euros. Tonn lowered his price target to this level. At 73 euros, the value threatens to be significantly lower.

One trader expressed cautious doubts as to whether the aforementioned exchange ratio will be the last straw. This is because the valuation expert appointed jointly by both parties and the "court-appointed merger auditor" would still have to confirm it as appropriate. In addition, the supervisory boards of both companies would also have to give their approval, it was said./tih/edh/jha/