Continental admits to talking with Schaeffler

Continental AG has confirmed that it has held a brief conversation "about a possible engagement" by the Schaeffler Group, a German ball bearing company.

The conversation took place at the end of last week, according to Continental officials in a public statement issued on July 14.

According to a wire report, Schaeffler launched an offer earlier today, July 15, for Continental. The report said the firm is not necessarily seeking a majority stake.

"As soon as Schaeffler Group has substantiated its plans, the management board of Continental AG will evaluate these and communicate its views in due course," say Continental officials.