Continental nips takeover inquiry in the bud

Sept. 19, 2006

Continental AG says a private equity investor has contacted it in order to assess the potential submission of a public takeover bid.

However, the review, which was at an early stage, has been terminated by mutual agreement, according to Continental officials.

"The Continental executive board has decided to make the termination of this process public to dismiss any rumors on the capital market. Continental AG did not enter into any material commitments in connection with this process."

Continental Chairman Manfred Wennemer says Continental regards the investor's interest "as a confirmation of the attractiveness of Continental and its perspective in the future.

"Continental continues to demonstrate that the company can orientate itself strategically to deal with new challenges and adapt to the ever-changing conditions presented by globalization."