REGENSBURG (dpa-AFX) - The group works council of automotive supplier Vitesco on Friday welcomed the commitment to Germany as a location associated with Schaeffler 's takeover bid. However, it sees "a need for clarification, for example, on the question of how the merger of the two companies is to achieve an improved operating result of 600 million euros per year without this being at the expense of German locations."

Schaeffler, an industrial and automotive supplier, intends to take over the Regensburg-based drive specialist Vitesco in its entirety and thus become a "market leader in the e-mobility sector." The product range of the two groups complements each other perfectly, he said. The Schaeffler family already holds just under 50 percent of Vitesco shares. Schaeffler is offering the remaining Vitesco shareholders to take over their shares at a premium of 21 percent on the share price.

The Vitesco Group Works Council demanded "that the merger of the two companies must open up attractive future prospects for all employees. This applies to all jobs in Germany." The works council would approach the Schaeffler works councils as soon as possible to analyze the picture outlined by Schaeffler CEO Klaus Rosenfeld of a joint company with 120,000 employees, 100 plants and 25 billion euros in sales. Together, the employee representatives and IG Metall could "powerfully shape" the merger and demand binding commitments from Schaeffler.

The takeover bid is to run from mid-November to mid-December. The merger is then to take place in the fourth quarter of 2024./rol/DP/men