Looking For Bearings?
All Types Of High Quality Bearings. Extensive Inventory, Fast Shipping.Find Exactly What You Want Today!
bearings
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
©2004-2012

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
The Deep Groove Ball Bearing
The improvements design of non-standard ...
The selection of universal wheel ...
How to Choose Bearing Lubricating ...
Full disclosure about bearing materials
Electroplating Bearings
Bearing lubricant is one of the key ...
Details of Choosing Bearings from Other ...
Introduction of the structure and ...
The delivery details of bearing
Latest Topic
SS71934C Stainless Steel Angular
R1-5 Bearings
TC3648 Axial Needle Roller Bearings
Rc Bearings 6903 2RS
HFL1826 Drawn cup roller clutches
6206 Bearings
6011 Bearings
6813 Bearings
6700zz Bearings
PNA25/47 Aligning Needle Roller Bearings
Category

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