Investor: Conti Takeover Project Dead
An investor involved in takeover negotiations with Continental earlier this year (Philipp Schoeller of General Capital Group) has denied he has any interest in pursuing the plans again. “The project is dead,” GCG co-founder Philipp Schoeller told Reuters, adding: “a resurrection of the project lacks any practical basis”. Continental’s share price rose 2.56 per cent following an earlier WirtschaftsWoche report that suggested Schoeller might again try for a takeover. Schoeller called his remarks to the German business magazine “purely hypothetical”.
Various news reports out of Europe had earlier indicated that a consortium of investment companies may make a play to buy a controlling interest in Continental AG. Continental officials declined comment.
Earlier this year, a group led by Bain Capital made an offer for the German tyre and automotive supplier, but was rebuffed. The latest reports say that Bain, General Capital, Goldman Sachs, Permira and KKR may join forces to purchase Continental.