Conti Schaeffler Deal Could be Concluded This Weekend
The month-long hostile takeover battle between Continental AG and Schaeffler Group could be over this weekend…or not. According to news reports, Conti and Schaeffler are negotiating a “friendly agreement.” Various sources are speculating that this means Jurgen Geissinger, Schaeffler’s chief executive, has tabled a new offer of 75 euros per share. However, both the Financial Times and Euroweek point out that it is not over till its over and if Continental shareholders refuse the offer Schaeffler will have to either convert all the swaps it holds in Conti into shares or terminate them all. 12 days of Schaeffler’s offer period remain.