Schaeffler - Conti deal completes: contract terms come into effect

ERJ staff report (DS)

Hanover, Germany -- The takeover offer of Schaeffler KG for Continental AG has been completed: According to Schaeffler KG, it paid the offer price of €75.00 for the tendered Con­tinental shares today (8 Jan.), as agreed with Continental. The investment agreement safeguarding the interests of Con­tinental AG and its shareholders, employees and customers has now come into full effect. The Euro­pean Commission gave clearance for Schaeffler to go ahead with plans to buy into Conti­nental AG on December 19, 2008.

As one of the terms of the agreement concluded on 20 August last year, Schaeffler has re­stricted its holding in Continental AG to a stake of up to 49.99 percent until August 2012. It has also undertaken to support the ongoing strategy and business policies of the Executive Board while maintaining its current market and brand appearance, and to not demand a sale of op­erations or seek other significant restructuring measures.

The agreement cannot be terminated by the parties before spring 2014.

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Press release from Continental