Schaeffler, a German manufacturer of rolling element bearings for automotive, aerospace and industrial uses, agreed to acquire the remaining 50.1% stake in Vitesco Technologies, a German automotive supplier for drivetrain and powertrain technologies, for €1.9bn. "With the launch of the tender offer today, we are initiating a transformative move for Schaeffler. By combining Schaeffler and Vitesco, we will build a leading Motion Technology Company with four focused ‘pure-play’ divisions, a balanced well-diversified portfolio, and critical scale across its businesses. This includes a best-in-class e-mobility champion with significant growth potential. The combination will make Schaeffler and Vitesco stronger together and is beneficial for customers, employees, shareholders and business partners," Klaus Rosenfeld, Schaeffler CEO. On November 27, 2023, the offer was raised from €91 to €94 per share.