Schaeffler Now Owns 90% of Continental

The new owner of Continental AG, Schaeffler Group, has announced that it now holds a total of 90.19 per cent of the tyre and automotive system supplier. This figure includes the 82.41 per cent holding Schaeffler has gained at the end of the statutory additional acceptance period and the 7.78 per cent stake it already held. Reuters reported that Schaeffler had agreed last month to limit its stake in Continental to just under half and said it would sell excess shares back to banks for re-placement in the market.

According to Schaeffler Group, the offer can only be settled when antitrust authorities authorise it. Schaeffler already has approval from the US antitrust authority as well as the Canadian antitrust authority. The Swiss antitrust authorities have provisionally permitted the settlement of the offer. They are still waiting for the decision from the EU Commission. The final decision from the Swiss antitrust authorities is expected at the same time as the decision from the EU Commission.