Continental to Hold Supervisory Board Meeting on 13 August

Continental AG’s supervisory board has arranged for a supervisory board meeting to take place on 13 August, online news sources are reporting. Schaeffler Group’s 11.3 billion euro bid will be top of the agenda, sources told the dpa news agency.

The news follows reports that Continental’s management is working to drum up allies including private-equity firms to fend off Schaeffler’s unsolicited takeover bid. It is not clear who the company’s potential white knight(s) may be, but the Wall Street Journal reported that Continental has held “preliminary discussions” with firms including US private-equity firm TPG. .