Schaeffler files papers for Conti takeover

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The Schaeffler Group has filed a merger notification with the European Union (EU) that will allow "rapid implementation of (its) Continental AG takeover."

"We will implement our strategy according to plan and conclude the takeover after approval from the EU Commission," says Schaeffler Group CEP Dr. Jurgen Geibinger.

"The combination of Schaeffler and Continental will create one of the leading global automotive suppliers."

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