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Oct 8 (Reuters) – Germany’s billionaire Schaeffler family is considering a buyout of Vitesco Technologies Group (VTSCn.DE) to boost their presence in the electric vehicle supply chain, Bloomberg News reported on Sunday.
The industrialists, who also control Schaeffler AG (SHA_p.DE), 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.
($1 = 0.9472 euros)
Reporting by Lavanya Ahire in Bengaluru; Editing by Lisa Shumaker
Our Standards: The Thomson Reuters Trust Principles.
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