Schaeffler to end Continental accord as merger project wanes

ERJ staff report (BC)

Frankfurt – Schaeffler AG, the largest investor in tire and components supplier Continental AG, plans to end an agreement between the two German companies as it continues to dismantle a plan for a gradual merger, reports Automotive News from a Bloomberg source.

Continental is “confident that the two companies will continue their very good and goal-oriented cooperation on into the future” following the termination of the shareholding accord in mid-May 2014, CEO Elmar Degenhart said on 13 May in an e-mailed statement.

Family-owned Schaeffler,…

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