Billionaire Schaeffler family mulls Vitesco buyout, Bloomberg reports
Technology
Vitesco has a market value of about 3 billion euros
(Reuters) - Germany's billionaire Schaeffler family is considering a buyout of Vitesco Technologies Group to boost their presence in the electric vehicle supply chain, Bloomberg News reported.
The industrialists, who also control Schaeffler AG could announce their plans as early as Monday, the report added, citing people with knowledge of the matter.
Schaeffler family holding companies already own about 49.9% of Vitesco, Bloomberg said. Vitesco has a market value of about 3 billion euros ($3.2 billion), the report added.
Schaeffler and Vitesco did not immediately respond to Reuters request for comment.
