REUTERS/Staff Acquire Licensing RightsLONDON, Nov 27 (Reuters Breakingviews) - Schaeffler’s (SHA_p.DE) token bump for Vitesco Technologies (VTSCn.DE) may not ensure a smooth ride. The 3.4 billion euro German industrial group raised its tender price for shares in auto parts group Vitesco by 3% to 94 euros. On that basis the 94 euros tender price is only a 7% premium above fair value. Assuming enough shareholders now tender, the final merger price for any remaining shares will be set by a third-party valuer. Yet Vitesco’s board, backed by three banks including JPMorgan (JPM.N) and Lazard (LAZ.N), have now published fairness opinions saying the company is worth more than 94 euros.

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Persons: Thomas Stierle, David Einhorn’s, Neil Unmack, Warren Buffett, George Hay, Streisand Neto Organizations: REUTERS, Staff, Reuters, Vitesco Technologies, JPMorgan, Lazard, X, Thomson Locations: Frankfurt, Germany, China, Rome