Continental AG Takeover Bid Mutually Terminated

Continental AG’s executive board and “a private equity investor” have mutually halted a public takeover bid. “The Continental Executive Board has decided to make the termination of this process public to dismiss any rumours on the capital market. Continental AG did not enter into any material commitments in connection with this process,” an official company statement read. According to a Financial Times report, Bain Capital LLC led a group of private equity firms that offered to pay more than Continental’s 13 billion euro market value.

“We regard this interest of private investors as a confirmation of the attractiveness of Continental and its perspective in the future,” stressed the executive board chairman Manfred Wennemer, adding: “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 globalisation.”