Another New Continental?

5th August 2008 | 0 Comments
 

July saw all the leading tyre manufacturers report lower than expected earnings as a knock-on effect of high raw material prices and lower new vehicle demand. Everyone saw this coming. The 11.3 billion euro “sneaking” bid ball bearing maker Schaeffler Group pitched to buy Continental AG was distinctly less predictable. In the days that followed Continental’s management went on the defensive and cried foul to financial regulator Bafin, making what had up till then been the largest takeover bid in Europe into the largest hostile takeover the continent has seen this year.

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