Continental-Schaeffler deal seems set

Buenos Aires News.Net
Thursday 21st August, 2008

Auto parts maker Continental AG has ended a standoff over a takeover bid from smaller rival Schaeffler KG.

It reached a deal after Schaeffler raised its offer and agreed to limit itself to a minority stake.

But the deal claimed a prominent victim, Continental chief executive Manfred Wennemer, who asked to be released from his contract.

The board agreed and said a successor would be appointed.

Wennemer has been CEO of Continental since September 2001.

Email this story to a friend

Have your say on this story

Your name/nickname	(optional)
Message
Image verification	(enter the verification code from the image above)