Looking For Bearings?
All Types Of High Quality Bearings. Extensive Inventory, Fast Shipping.Find Exactly What You Want Today!
Bearing Manufacturer  Products  Miniature Bearings  Skateboard Bearings  

Continental Rejects Bid from German Bearing-Maker Schaeffler

By Bearing Manufacturer>Bearing News>Continental Rejects Bid from German Bearing-Maker Schaeffler

German motor industry supplier Continental has rejected a takeover offer from the Schaeffler Group, saying the bid by the family-owned bearing-maker did not reflect its full value.

The takeover bid, announced Tuesday, July 15, valued Continental at 11.2 billion euros ($18 billion), with Schaeffler offering 69.37 euros per share in cash.

The board of Continental, which is best known for tires but generates most of its turnover from braking systems and other vehicle safety features, said on Wednesday that the bid was opportunistic and lacked industrial logic.

Tough times for car industry

The Hanover-based company is nearly three times the size of the family-owned Schaeffler Group, which is based in the small Bavarian town of Herzogenaurach.

However, a slump in the car industry combined with an 11-billion-euro acquisition last year has helped drive down Continental's shares, leaving the group exposed to possible takeover attacks. At one point recently, Continental's shares had halved in value over the last 12 months.

Schaeffler said Tuesday it had secured the rights to about 36 percent of Continental's shares, and the bid caused Continental's shares to soar.

If Schaeffler's offer succeeds, the two companies will have a combined turnover of about $33 billion.

F T 
Latest Articles
Small bearings turning the big world
Chinese bearing export 2.592 billion ...
The Function of Miniature Thrust ...
Good quality skateboard bearings
How to judge the quality of bearings
Bearing Industry in Need of ...
Bearing Industry Expands Its Production ...
100 Percent of the Qualified Ratio for ...
Miniature bearings around us
The Related Knowledge about Miniature ...
Latest Topic
IR12X16X12-IS1 Inner Rings
Ceramic Wear Protection Parts
SS51128M Stainless Steel Thrust Ball
6316zz Bearings
NATV25 Yoke Type Track Rollers
682x Bearings
628zz Bearings
R1810 Bearings
GS81217 Housing Locating Washers
Hybrid and Full 5219 Ceramic Angular

Dental Bearings
Rc Bearings
Bicycle Ceramic Bearings
Miniature Thrust Bearings
Flanged Ball Bearings
Ceramic Bearings