Schaeffler controls 48.3% of Conti shares

Herzogenaurach, Germany -- Schaeffler Group is calling for cooperation talks with Continental AG to begin as soon as possible following its acquisition of 48.3 percent of Conti's outstanding shares.

Conti accepted Schaeffler´s takeover bid recently.

Juergen Geissinger, president and CEO of Herzogenaurach-based Schaeffler, said the companies foresee cooperation projects focusing on consolidating expertise in development and innovation to develop solutions for the technological challenges of the cars of the future.

At the same time, Schaeffler will support Continental's management with the rapid integration of VDO Automotive-which Conti acquired from Siemens AG in December prior to Schaeffler's unsolicited bid-saying it is in both companies' interests.

Schaeffler did not say specifically what it spent to acquire the 48.3 percent, but based on its bid offer and the number of shares available, the acquisition would be in the neighborhood of Euro 5900 million.

From Tire Business (A Crain publication)

Press release from Schaeffler