Sneaking up and then striking unexpectedly – they’re pretty good at that at Schaeffler in Herzogenaurach. In 2001, the family business, which grew up with ball bearings, suddenly captured the unsuspecting listed competitor FAG Kugelfischer. A fierce takeover battle ensued, but FAG was unable to prevent the takeover. Similarly, in 2008, the Schaeffler family and company surprised Continental AG, which was three times its size and listed in the German stock index (Dax). Significant forces there also offered resistance, and the global financial crisis broke out in the middle of the takeover process. The Conti share price plummeted, and suddenly the Schaeffler family and company were left with shares that had been purchased at far too high a price and debts worth tens of billions. There wasn’t much left to ruin. But things ended well, also because a young banker was hired in Herzogenaurach and sorted out the finances: Klaus Rosenfeld. After becoming CEO of Schaeffler AG in 2014, he picked up the phone that Monday morning and called Andreas Wolf, head of the automotive supplier Vitesco Technologies in Regensburg. To tell him that Schaeffler wants to take over the drive technology specialist as quickly as possible.
Schaeffler wants to swallow Vitesco – economy
