Schaeffler to proceed with Conti buy-in
The European Commission has given clearance for The Schaeffler Group to proceed with its plans to buy into Continental AG. Schaeffler now has eight bank days to implement its takeover offer to Continental shareholders at a rate of 75 euros per share.
If shareholders give their consent, Schaeffler will restrict its stake in Continental to 49.99%, as previously agreed, through 2012.
Also as part of the companies' agreement, Schaeffler "shall undertake to support the ongoing strategy and business policies" of Continental's executive board, say Continental officials.
"It shall refrain from demanding a sale of operations or other significant restructuring measures."
Continental is targeting sales of 25 billion euros for 2008.