Schaeffler Group launches formal bid for Continental AG

ERJ staff report (DS)

Herzogenaurach, Germany -- Schaeffler has formally offered to buy all shares in Continental AG at a cash price of 70.12 EUR per share.

Shareholders of Continental AG can thus tender their shares for purchase by the Schaeffler Group starting today.

Schaeffler Group said it is seeking to acquire a strategic shareholding of more than 30 percent in Continental AG. This strategic shareholding is necessary to achieve a stable shareholder structure in Continental AG, to enable implementation of the Schaeffler Group's objectives and, thus, to safeguard the long-term investment in the company.

The Schaeffler Group stands by the repeated statements that it has published and made in various discussions, "Schaeffler will not cause a break up of Continental AG or a sale off the tyre business. Continental AG will continue to be listed on the stock exchange, if possible in the DAX. There will be no transfer or reduction in jobs resulting from the takeover offer."

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Press release from Schaeffler