A $3.8bn deal points to the future of car-parts suppliers
A merger between Schaeffler and Vitesco will create a global components champion
“It’s a good deal,” beams Klaus Rosenfeld, chief executive of Schaeffler, a maker of car parts based in Herzogenaurach, Bavaria. In the small hours of October 9th he called Andreas Wolf, his counterpart at Vitesco, a Bavarian rival, to offer to buy the 50.1% of the firm Schaeffler did not already own. The €3.6bn ($3.8bn) transaction, says Mr Rosenfeld, will create a competitive German giant in an industry undergoing a huge shift to electric cars.
This article appeared in the Business section of the print edition under the headline “Bought for parts”
Business October 14th 2023
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