German industrial and automotive supplier Schaeffler AG and German automotive supplier Vitesco Technologies Group on Wednesday entered into a merger agreement. The agreement sets out legally binding terms and conditions for the merger of Vitesco into Schaeffler, the latter said in a press release. The previously published preliminary exchange ratio of 5 to 57 was confirmed as binding in the signed agreement, meaning Vitesco shareholders will receive 11.4 Schaeffler shares in exchange for one Vitesco share. The effectiveness of the merger agreement is subject to the approval of the respective A…