Conti-Schaeffler board examines options

ERJ staff report (DS)

Hannover, Germany -- The boards of Continental and Schaeffler have

discussed various future scenarios for the automotive supplier,

including the option of a combination between Continental AG and

Schaeffler under the roof of publicly listed Continental AG. Following

a board meeting on Monday, the Supervisory Board has asked the

Executive Board to assess all aspects of a combination of Continental

and Schaeffler, in particular the financial feasibility of such a

combination. This process is to be completed by the end of July. At the

same time, the Executive Board shall continue to analyse further

alternatives and their possible implementation.

“We must carefully and responsibly determine whether a full

combination of Continental and Schaeffler is in the economic interest

of Continental AG,” said chairman of the Supervisory Board Rolf

Koerfer. “The industrial logic of a combination is obvious. We have the

great chance of creating the world's second largest automotive supplier

based in Germany.”

According to chairman of the Executive Board Dr. Karl-Thomas

Neumann, talks with Schaeffler are progressing very constructively.

“Although we are still in the conceptual phase of this process, the

industrial know-how we have seen from the Schaeffler Group generates

optimism. Schaeffler's expertise in mechatronics and our strengths in

the field of electronics and software systems complement each other

very well. Alongside the Rubber Group,

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Press release from Continental