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
Some tips on choosing ceramic bearing
Do the skateboard bearings need ...
The Secret of Dental Bearing
The Encounter of Stainless Steel ...
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
Latest Topic
1220 Self Aligning Full Ceramic Bearings
IR50X55X25 Inner Rings
NK12/12 Bearings
PWTR35-2RS Yoke Type Track Rollers
SS6940 ZZ & 2RS Stainless Steel Ball
SS1316 Stainless Steel Self Aligning
SS5317 Stainless Steel Angular Contact
SSF609 ZZ & 2RS Stainless Steel Flange
SS682x ZZ & 2RS Stainless Steel Ball
6804 2rs Bearings
Category

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