Vitesco Technologies responds to Schaeffler's public takeover bid

Vitesco Technologies and Schaeffler signed a business merger agreement, clarifying the key points of the merger and the framework of future cooperation. Schaeffler updated its acquisition offer and raised the purchase price of Vitesco Technologies shares to 94 euros per share. The merged company is headquartered in Herzogenaurach, Germany, and consists of four core business groups, including the Electric Mobility Business Group. The employment terms of Vitesco Technologies employees remain unchanged in the merged company. The merger will be submitted to the shareholders' meeting for a vote, and if the necessary majority is in favor, the merger will be approved.