FRANKFURT (dpa-AFX) - A big topic on the stock market today is Vitesco. Following a takeover bid by automotive supplier Schaeffler, the shares jumped at times by more than a fifth to 91.30 euros at the MDax top. This is the highest price since the onboard debut of the former Continental powertrain division in September 2021 and even a little more than the offer from the major shareholder. Several analysts were positive about the planned deal.

Schaeffler wants to forge a major e-mobility supplier in conjunction with Vitesco and is offering the Regensburg-based company's remaining shareholders 91 euros per share in cash. The takeover bid is said to be the first step on the way to a merger. Once the acquisition offer has been executed, Schaeffler plans to legally merge Vitesco into Schaeffler.

Vitesco shares have been in demand so far this year due to good business performance and had made strong gains, but had fallen to a low since June last week in the wake of general industry weakness. With the current price fireworks, the shares extended their year-to-date gain to almost 68 percent.

Schaeffler shares, on the other hand, were unable to benefit from the planned takeover at the beginning of the week, despite equally favorable expert opinions, and most recently lost 4.2 percent in the small-cap index SDax. Continental shares fell by 1.8 percent in the Dax.

The Schaeffler family already holds just under 50 percent of Vitesco, which is why the takeover bid comes as little surprise to those in the know. "This has been discussed for a long time in the investment community," Akshat Kacker of U.S. bank JPMorgan wrote in an initial reaction. The proposed merger, he said, has "a strong strategic logic through complementary technology portfolios that capitalize on growth opportunities in electromobility."

For shareholders, the offer is one-fifth higher than the volume-weighted average price of the past three months, Kacker pointed out. He also sees the high synergies hoped for by the companies as positive. He also said that a successful transaction would simplify the shareholder structure at Schaeffler by converting preference shares into ordinary shares with voting rights. This should increase the attractiveness of Schaeffler shares in general, believe the experts at analyst firm Stifel.

According to Warburg expert Marc-René Tonn, Schaeffler is securing "solid growth prospects in the important future business of e-mobility" with Vitesco's multi-billion order book. The premium amounts to 720 million euros in absolute terms, which is not particularly high in view of the targeted synergies of 600 million euros annually, he stressed. Tonn had previously even announced a price target of 94 euros for the Vitesco share, which he now confirmed - i.e. still above the current price./tav/gl/stk