Shares of Vitesco Technologies Group AG $VTSC rose more than 20% on Monday, hitting a record high, after the company received news of a takeover by family-owned Schaeffler AG $SHA.

Schaeffler AG said it has already reached an agreement with the Schaeffler family, which holds its 49.9% stake in Vitesco, adding that it will offer the remaining shareholders 91 euros per share, 20% more than last week's closing price.

I wrote about Vitesco last week, the company focuses on the production of components for electric motors and powertrains.

Schaeffler aims to eventually merge the two groups, creating a more competitive supplier in the electric vehicle segment and also simplifying the Schaeffler family's empire, which includes stakes in Vitesco and Continental AG $CON.