Conti irritated by Schaeffler’s ‘interference’

By Klaus-Dieter Floerecke, Crain News Service

Hanover, Germany — Continental AG’s executive committee is accusing the company’s biggest shareholder, family-owned Schaeffler Group, of interfering in Conti’s financial dealings.

According to Conti, Schaeffler asked Conti’s banks to be consulted on changes Conti is planning to the its loan agreements since it would soon be a major shareholder in the company.

Continental calls the conduct a “massive interference with the sovereign and independent management” of the company and accuses Schaeffler of violating the “spirit of the investor agreement that had…

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