Release time : 2015-06-13 10:43:21
Immediately after yesterdays final approval for Schaeffler's Continental buyout, the Schaeffler group in its endeavour to seek partners to rid of financial crisis, received a sharp jolt from German sports car manufacture Porsche stating a definite 'not interested' to buy a stake in Continental AG.
Porsche having its own problems, is facing serious risk of 'reverse' takeover by VW.
Furthermore, Porsche's method to acquire VW, the same methodology employed by Schaeffler for Continental with undisclosed accumulation of shares, is a legal political issue that may require German Government intervention.
In a show of solidarity, for miniature bearing industry code approved schaefflers efforts to reduce its liability and reduce the Schaeffler family group, a reverse takeover opportunities.