Schaeffler buys more shares in Continental

ERJ staff report (RD)

Herzogenaurach, Germany - Scaheffler Group has bought a fourth batch of stock in Continental AG that it already owns, it transpired 15 Oct. The ball-bearing maker bought 1.05 million shares that had been tendered under its 75 euros-per-share takeover bid in an attempt to reduce the cost of the deal, the company said.

Schaeffler said the move makes logical and financial sense and that tendered Continental stock, now part of the 90 percent stock now controlled by Schaeffler, trades separately from the free-float shares.

According to Bloomberg Schaeffler has bought 3.17 million tendered Continental shares since the company's offer expired on 16 Sept. The average price paid was about Euro 61.50, which would amount to a savings of almost Euro 43 million against the price on the original offer.

The German-based company has now filed the takeover with the EU regulatory authorities and will have to pay for the tendered share within 8 days of clearance.

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Press release from Schaeffler

Article from Bloomberg