Vitesco says new Schaeffler offer for EV merger 'inadequate'

FILE PHOTO: The Vitesco company logo is seen at Continental's pilot location for industry 4.0 applications in Regensburg, Germany, February 28, 2020. REUTERS/Michael Dalder/File Photo

(Reuters) -German automotive supplier Schaeffler raised its offer price for shares in Vitesco Technologies on Monday, as a goodwill gesture, but Vitesco management said the new offer was "inadequate".

Germany's billionaire Schaeffler family holds all voting rights and 75% of shares in its namesake supplier of electric vehicle components. It also owns close to 50% of Vitesco, making the likelihood the merger will be agreed all but certain.