Continental Rejected By Major Buyout Firms in Search For White Knight - Report

Resource from: CBCC Likes:2937

Aug 11,2008

Continental AG. in its search for a white knight investor to fend off Schaeffler Group's bid has been rejected by major buyout firms, Financial Times Deutschland reported, citing financial sources. The report said the German automotives parts and tire supplier in vain approached private equity groups Blackstone, Bain Capital, KKR, Goldman Sachs (nyse: GS - news - people ) as well as Permira. Continental has rejected bearings-maker Schaeffler's 11.3 billion euros bid at 70.12 euros per share, saying it does not reflect its true value. Schaeffler already controls 36 percent of the target's shares through a direct stake of 8 percent and swap agreements related to 28 percent of Continental's stock.

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