Conti: Statement Regarding Schaeffler Takeover

27th August 2008 | 0 Comments

On August 26 Continental AG released the following statement:

On August 13, 2008, the Executive Board and Supervisory Board of Continental Aktiengesellschaft published their joint statement in accordance with Section 27 (1) sentence no 1 of the WpÜG (German Securities Acquisition and Takeover Act) regarding the voluntary public takeover offer of Schaeffler KG, Herzogenaurach, and amended the statement on August 20, 2008. On August 21, 2008, Continental entered into an investment agreement with Schaeffler KG, Mrs. Maria-Elisabeth Schaeffler and Mr. Georg F.W. Schaeffler. In this investment agreement, Schaeffler undertook, among other things, to limit its holding in Continental to a maximum of 49.99 per cent of the voting capital stock, unless the Executive Board of Continental agrees to a larger holding. Continental released the main content of the investment agreement in its ad-hoc announcement dated August 21, 2008.

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