Von Gruenberg: Conti Shouldn’t ‘Waste Resources’ Fighting Bid
Continental AG chairman Hubertus von Gruenberg has said he would like to avoid a “scorched earth” policy in relation to Schaeffler’s takeover bid. Speaking in an interview with Manager Magazin scheduled for publication on Friday, but released a day before Conti’s supervisory board meeting on the takeover, he said the company should not waste resources fighting Schaeffler.
On the subject of a reported rift with chief executive, Manfred Wennemer, von Gruenberg said the pair’s differences of opinion are “not fundamental.” Schaeffler is willing to commit itself contractually not to break up Continental into separate parts, von Gruenberg was also quoted as saying.