German Regional Leader Expresses Openness to Conti Solution

In an interview with German news magazine Focus, prime minister of the Lower Saxony region Christian Wulff stated the German federal government and the regions involved may support a solution to the Continental/Schaeffler situation and offer government backed bond guarantees. Wulff, in charge of the federal region where Continental is headquartered, indicated that a solution could involve Continental acquiring parts of Schaeffler and the Schaeffler group ending up owning substantially less than its current share. It would “not retain its 90 per cent share in Conti, but considerably less,” he said.

“If the concept is viable, we will examine guarantees to support the project,” Wulff told Focus. “This is in our national interest and clever regional economic policy.”