HANOVER, Germany (Aug. 21, 2008) — Continental A.G. and Schaeffler K.G. have agreed to a compromise that allows Schaeffler eventually to buy Conti. Schaeffler will raise its per-share offer by about 7 percent and limit its ownership for the next four years to no more than 49.99 percent, the firms said. At the same time, Conti CEO Manfred Wennemer has agreed to resign by the end of August.
Conti agrees to Schaeffler takeover offer
Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].