Schaeffler Has ‘No Sympathy’ for Continental’s Response

The Schaeffler Group has responded to Continental AG’s angry rejection of its bid with a similarly defensive statement of its own. “The Schaeffler Group cannot understand the negative reaction of Continental AG’s Executive Board and has no sympathy for the CEO’s chosen style of confrontation,” a company statement read.

Schaeffler again explicitly reiterated its commitment Continental’s long term strategy particularly in relation to the tyre business. “Schaeffler will therefore not be dismantling Continental AG,” the statement clarified, adding that Schaeffler would maintain Continental as an independent entity, keeping the headquarters in Hanover.

The Schaeffler Group also made it clear that the swap transactions that have taken place are, from its point of view, were made under current law. The company said it had today disclosed “all arrangements” to BaFin and is convinced that the German market regulator will share view about the legalist of its move.