VW Supports Schaeffler Takeover

Volkswagen AG chief executive Martin Winterkorn says he backs Schaeffler Group’s takeover bid for Continental AG. Speaking to Germany news agency DPA, he described the proposed merger as “altogether positive” and warned that a protracted takeover battle would distract the two companies from their respective businesses. VW is a key customer for both Schaeffler and Continental.

Earlier German news sources had reported that VW was angry with Schaeffler Group for not tipping it off on its Continental takeover plans. Hannoversche Allgemeine Zeitung (HAZ) cited “company sources” as saying that Volkswagen expected to be let in on the plans. The HAZ story reported that Schaeffler chief executive, Juergen Geissinger, has since apologised to VW.