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Report: Schaeffler claims seats on Conti's board
Automotive News
August 22, 2008 - 5:20 am ET
FRANKFURT (Thomson Financial) -- Schaeffler Group has claimed the right to appoint four of Continental's supervisory board members and Schaeffler CEO Jürgen Geissinger is all but certain to gain a seat, Handelsblatt reported, citing sources at Schaeffler.
German automotive parts maker Continental currently has a 20-member supervisory board, with half of the directors representing shareholders and the other half representing employees.
Continental on Thursday came to terms with its suitor Schaeffler, which will buy a minority stake for 75 euros per share, while committing itself to keeping its holding below 50 percent for at least four years.
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