Schaeffler Concludes Takeover of Continental AG

The Schaeffler Group (www.schaeffler-gruppe.de) has concluded the takeover of Continental AG (Hanover/Germany, www.conti-online.com) and paid 75 euros per share to the depositary banks of those shareholders who tendered their shares to Schaeffler. The depositary banks will now credit these payments to the shareholders’ accounts. This means that the Schaeffler Group holds 49.90 percent of the voting stock of Continental AG and is thus the company’s largest shareholder. Schaeffler has transferred the shares tendered in addition to this percentage to financial institutions.

“The conclusion of the takeover clears the way for integrating the companies quickly and in a pragmatic manner. Against the backdrop of the financial crisis and the market changes in the automotive industry, both companies are facing great challenges and have no time to lose. Constructive cooperation and concentration on factual issues and business matters is all important now. This is also what our staff and customers expect from us”, explained Dr. Juergen M. Geissinger, Schaeffler Group President & CEO. “By quickly bringing together the strengths of both companies and exploiting our big opportunities and synergies without delay, we are taking the right steps in response to the worldwide consolidation of the automotive supplier industry and we will therefore be able to emerge from the crisis together with renewed strength,” said Geissinger.

Advert

The combination will bring together Schaeffler’s strengths in mechanical, mechatronic and precision components for engines, transmissions and chassis and Continental’s strengths in electronics and software systems for engines, chassis and vehicle interiors. The companies’ joint development and innovation competence will open up new market opportunities. “Together we will be an efficient and reliable partner for our customers and make a decisive contribution to solving the central technological challenges of the automotive industry,” Geissinger added.

Schaeffler KG, Herzogenaurach, Germany

back to news list