Schaeffler Buys More Conti Shares

Schaeffler Group today bought a further batch of stock already under its control in an effort to reduce the cost of the deal Continental takeover deal. It was the fourth time Schaeffler has done this. The group reportedly bought 1.05 million shares yesterday.

According to Bloomberg, Schaeffler has bought 3.17 million tendered Continental shares since the company’s offer expired on 16 September – equal to roughly 2.43 per cent. The average price paid was about 61.50 euros, which would amount to a savings of almost 43 million euros ($58 million) versus the price due under the offer. Schaeffler spokesperson Detlef Sieverdingbeck said the recent move is not likely to be the last purchase: “If further purchases make financial sense, we will continue to buy.”