Schaeffler Group seeks strategic stake in Continental

摘要

Schaeffler Group, Herzogenaurach, is seeking to acquire a strategic shareholding of more than 30 per cent in Continental AG, Hanover, but not necessarily a majority stake. In order to acquire the shares Schaeffler Group is extending the shareholders of Continental AG a voluntary public takeover offer. Schaeffler is offering each shareholder of Continental AG 69.37 EUR per share in cash or-if higher-the minimum offer price as determined by the Federal Supervisory Authority for Financial Services (Bundesanstalt fur Finanzdienstleistungsaufsicht). This corresponds to the weighted average share price of Continental shares on XETRA and in floor trading over the past three months and is thus viewed as fair consideration in accordance with the Securities Acquisition and Take-over Act (WpUG).