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Schaeffler controls 48.3% of Continental
Automotive News
September 2, 2008 - 4:45 am ET
FRANKFURT (Reuters) -- Family-owned bearings maker Schaeffler Group has gained control of nearly half of all shares in German car parts supplier Continental after 40.26 percent of the stock was tendered during the initial bid period.
In a regulatory filing on Tuesday, Schaeffler said it now had indirect control of 48.32 percent of Continental as a result, including the roughly 8 percent it already held.
The tender period will now be extended as required under German takeover law, with the second offer expiring at 2200 GMT on Sept. 16.
Now Schaeffler wants talks over future cooperation projects with Continental to begin as soon as possible, Schaeffler said in a statement on Tuesday.
"The path is now free to begin talks as quickly as possible with Continental about cooperation projects, in order for both companies to create new business opportunities by bundling their development and innovation skills," Schaeffler CEO Jürgen Geissinger said.
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Schaeffler CEO Jürgen Geissinger wants talks over future cooperation projects with Continental to begin as soon as possible |
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