Conti puts a stop to takeover bid

Hanover, Germany -- A private equity investor has approached Continental AG for a potential takeover but the process was terminated, the tyre maker has revealed.

The German firm said it did not enter into any commitments in relation to the bid and decided to put an end to the process to dispell any rumours in the market.

Conti, a global manufacturer with annual sales of about €1380 million, did not reveal the identity of the bidder and said the termination was by "mutual agreement".

"We regard this interest of private investors as a confirmation of the attractiveness of Continental and its perspective in the future," Conti chairman Manfred Wennemer said.

"Continental continues to demonstrate that the company can orientate itself strategically to deal with new challenges and adapt to the ever-changing conditions presented by globalisation."