Report: von Gruenberg Excluded From Conti/Schaeffler Talks

Hubertus von Gruenberg, Continental AG’s supervisory board chairman, has been excluded from negotiations with Schaeffler in spite of his approval of the potential takeover. According to the Financial Times Deutschland report adviser Perella Weinberg Partners had suggested von Gruenberg and Conti’s personnel representative, Werner Bischoff, get involved to try and help break the deadlock in talks between Schaeffler and Conti CEO Manfred Wennemer.

In a further twist Schaeffler Group actively countered reports in German magazine Focus, which suggested Wennmer would be replaced by Karl-Thomas Neumann in a post takeover scenario. Schaeffler Group representatives told media sources the group wants Manfred Wennemer to keep his post. “We don’t want any change. We appreciate Mr Wennermer. He has done a good job,” the spokesman told agencies.