Hanover Court Blocks Schaeffler’s Koerfer Appointment

A ruling by the German courts in Hanover has prevented Schaeffler from appointing its chosen chairman for Continental. The manufacturer wanted to install attorney Rolf Koerfer, a Schaeffler family adviser, as the head of the German manufacturer, a court spokesman said on 3 March. The decision was made following a complaint from a member of Germany’s corporate governance commission that Koerfler may have a conflict of interest.

The ball bearing manufacturer, which holds a direct 49.9 per cent voting stake in Continental, put forward Koerfer for the position at an extraordinary supervisory board meeting in January. In addition to Schaeffler’s holding, the group has transferred another 40 per cent block of its stake in Conti to the banks in order to remain below 50 per cent, as agreed to end a takeover conflict.

The court has given board members until 10 March to comment on the case.