Schaeffler to seek anti-trust clearance for Conti bid

ERJ staff report (DS)

Herzogenaurach, Germany -- Schaeffler AG is to seek anti-trust clearance for its proposed acquisition of Continental AG in the next week.

Schaeffler said it submitted the initial draft of a notification to the EU Commission on 22 August, 2008. Schaeffler then revised the documents after it had access to Conti's financial data, and re-drafted the submission based on real numbers rather than estimates. The EU had also asked Schaeffler to specify the worldwide potential relations between products in neighboring markets and corroborate this statement with financial figures. Schaeffler said, "Since corresponding information is not centrally available at Continental AG, the compilation of such information is a time-consuming procedure."

The Schaeffler Group will publish without undue delay on its website www.schaeffler-angebot.de and in the electronic Federal Gazette when the offer conditions have been met. After this, the offer will be settled within eight working days.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Schaeffler