Von Gruenberg: Conti Shouldn’t ‘Waste Resources’ Fighting Bid

Continental AG chairman Hubertus von Gruenberg has said he would like to avoid a “scorched earth” policy in relation to Schaeffler’s takeover bid. Speaking in an interview with Manager Magazin scheduled for publication on Friday, but released a day before Conti’s supervisory board meeting on the takeover, he said the company should not waste resources fighting Schaeffler.

On the subject of a reported rift with chief executive, Manfred Wennemer, von Gruenberg said the pair’s differences of opinion are “not fundamental.” Schaeffler is willing to commit itself contractually not to break up Continental into separate parts, von Gruenberg was also quoted as saying.

von Gruenberg rejected rumours he might have had prior knowledge or been involved in Schaeffler’s move, saying the approach was not foreseeable.

According to Reuters, Von Gruenberg expects Scheaffler co-owner Maria-Elisabeth Schaeffler will seek to become Continental chairwoman in the event that the bid succeeds.