Newspaper: schaeffler wants to reduce conti shares

The long-planned merger of the car suppliers Continental and Schaeffler is according to information of the Manager magazine From the table – at least from the point of view of the Conti top. The guidance for Board Chief Elmar Degenhart had adopted by a possible merger with the Frankish family business, the magazine reported on Tuesday in his internet edition citing on business circuits. The management calls even how the majority shareholder Schaeffler could reduce its share. Consultations with banks, lawyers and economic advice had suggested a new strategy of the two companies. Conti and Schaeffler did not want to pay attention to the contribution.

The meriniance for 2011 was last questioned again and again. In the course of the failed supersence of Continental, Schaeffler had a huge debt mountain and was in the meantime itself in existence groove. The executive policy of Schaeffler, which occupied important members of the Management Board and Supervisory Board at CONTI, in the workforce of Conti also on severe criticism.

According to the report, Schaeffler is considering his 75 percent of direct and indirect investments in Conti long term to 35 percent down to 35%. According to Manager magazine Said insider the leaf, shareholder Maria-Elisabeth Schaeffler Konne introduces itself to reduce the proportion of Continental.

Update

In the evening a speaker of Conti denied the media report. "Our goal is unnecessary combination of the two companies we prepare," emphasized a corporate speaker. A concrete schedule for the merger, which was originally intended for the coming year, but not yet.

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