Schaeffler wins Continental battle

Continental, Europe’s second-largest tiremaker, said Thursday it had accepted Schaeffler Group’s takeover bid after the family-owned ball-bearing maker raised its offer by 7%, reports Bloomberg. Continental’s head Manfred Wennemer, who had vowed to fight the bid, will leave the company. Schaeffler increased the offer price to €75 ($110.60) a share from €70.12, or €11.3bn, the lowest allowable under German law. Schaeffler will limit its position to a minority shareholding of up to 49.99% for a period of four years. This entry was posted by Gwen Robinson on Thursday, August 21st, 2008 at 5:26 and is... [read full story]