HERZOGENAURACH, Germany (Jan. 9, 2009)—Vvehicle parts maker Schaeffler Group has completed its $15 billion-plus acquisition of 49.9-percent control of Continental A.G., clearing the way for integrating the companies.
Herzogenaurach-based Schaeffler concluded the months-old deal this week by paying the depositary banks of those shareholders who had tendered their shares under Schaeffler's 75 euro per share offer. Schaeffler also transferred shares that exceeded the 49.9-percent threshold to other financial institutions.
Shareholders representing about 82 percent of Conti's stock tendered more of their shares than anticipated, forcing Schaeffler to negotiate with financial institutions to agree to take over those shares above the agreed 49.9-percent threshold.
“The conclusion of the takeover clears the way for integrating the companies quickly and in a pragmatic manner,” said Juergen Geissinger, Schaeffler Group president and CEO in a prepared statement.