Conti agrees to Schaeffler takeover offer

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.