Schaeffler engineers to work closer with Conti

摘要

Bearing supplier Schaeffler Group has won its fierce takeover battle for Continental, paying €12 billion for a 30 per cent stake in the Tier One giant.rnThe deal will lead to the two companies working more closely together to improve competitiveness. It also creates the preconditions for a more complete merger which would combine two of Germany's big engineering employers.rnSchaeffler Group CEO Jiirgen Geissinger said: "Continental will benefit from our strengths in mechanical, mechatronic and precision components forrnengines, transmissions and chassis. We will not break up Continental or sell its businesses. Continental will remain an independent company based in Hanover."rnTo close the deal, Schaeffler increased its offer to €75 per share and promised to remain a minority shareholder until at least 2012. Owning no more than 49.99 per cent of the company until then means Schaeffler is unable to demand the sale of Conti's businesses or take other restructuring measures.