Schaeffler AG increased its offer for Vitesco Technologies Group AG to €94 per share, bringing the value of the deal to €3.8 billion.

Schaeffler is raising the cash consideration from an earlier offer of €91 per share, Vitesco said Monday in a statement announcing the two companies were entering into a business agreement. The offer is for all outstanding shares, according to the statement.

Following completion of the tender offer, Schaeffler plans to merge Vitesco as the transferring entity into Schaeffler to create a combined company. Vitesco’s general meeting to approve the merger is scheduled for April 24.