Shares in Vitesco Technologies AG rose on Monday after Germany’s Schaeffler family raised its stake in the company to just under 50%, the family’s holding company IHO said Monday.
Shares in Vitesco are up 4.3% to EUR38.58 at 0840 GMT, having fallen almost 15% in the last month.
The family, which controls auto-parts manufacturer Schaeffler AG, acquired around 1.6 million shares in Continental AG’s former powertrain division, bringing its shareholding to 39.99%, from 35.89% previously, the company said.
Together with shares in IHO Beteiligungs GmbH, which holds 10% of Vitesco, the family will hold 49.99%, it said.
Vitesco shares have struggled since Continental spun off the business in September last year, when it debuted at EUR59.80 a share.