Schaeffler Reaches 48.32% Continental ‘Takeover Target’

With its takeover offer acceptance period now over, and Schaeffler Group now in control of 48.32 per cent of Continental AG, the ball bearing maker is already talking of partnership pitches to vehicle manufacturers.

“This result is a great success for us. We have reached our target of gaining a strategic shareholding of more than 30 per cent in Continental AG. This means that talks can begin with Continental as soon as possible about cooperation projects to realize market opportunities for both companies by consolidating expertise in development and innovation. Together Schaeffler and Continental can now develop solutions for the technological challenges of the cars of the future”, said Dr. Juergen M. Geissinger, President and CEO of the Schaeffler Group.

Schaeffler Group said in a statement that it will support Continental’s management with the rapid integration of VDO, which is in both companies’ interests.