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Continental proposes 'independent Rubber Group'

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Continental AG's supervisory board has taken note of a proposal made by its executive board to create "an organizationally and legally independent Rubber Group," according to Continental officials.

However, the initiative is not linked "to any decision whatsoever regarding the split-up of (Continental) or sale of any parts of the company," a Continental spokesperson recently told www.moderntiredealer.com.

Continental and its major shareholder, the Schaeffler Group, "have substantiated the basis for constructive cooperation... the supervisory board of Continental has asked the executive board to develop concepts for the cooperation between the automotive businesses of both groups.

"It is the joint ambition of both Continental and Schaeffler to create a second global champion in the automotive supplier business, with a home base in Germany."

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