Germany’s billionaire Schaeffler family is considering a buyout of Vitesco Technologies Group AG to boost their presence in the electric vehicle supply chain, people with knowledge of the matter said.
The industrialists, who also control ball bearing maker Schaeffler AG, could announce their plans as early as Monday, the people said, asking not to be identified because the information is private.
Shares of Vitesco have gained 39% this year, giving the firm a market value of about €3 billion ($3.2 billion). Schaeffler family holding companies already own about 49.9% of Vitesco, according to its website.
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