Schaeffler fails to find investment partner for Conti

ERJ staff report (DS)

Herzogenaurach, Germany -- Schaeffler Group has issued a statement saying it is not a speculator, but it has not yet found an investment partner for its stake in Continental AG.

The statement, issued by owners of the Schaeffler Group, Maria-Elisabeth Schaeffler and her son Georg Schaeffler, was at pains to counter press comment that they gambled with Conti shares, and lost. "We are not “gamblers” who have speculated and lost. ... We are no short term oriented financial investors, but rather entrepreneurs with long-term goals and concepts. We have brought Schaeffler and Continental together in order to create a new global supplier."

Schaeffler, however, said it is seeking State aid. "we are seeking a joint and responsible solution together with the banks, with potential investors and with the help of politicians." The statement continued, "we have not yet succeeded in finding investors in spite of actively searching." The statement added, "Therefore the Schaeffler Group requires support for a limited period of time."

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