Schaeffler Group Advances Antitrust Clearance Process

Resource from: CBCC Likes:2953

Oct 09,2008

Following renewed talks with the EU Commission, the Schaeffler Group expects to be able to submit the final draft of a notification (Form CO) in the course of the next week. The Schaeffler Group submitted the initial draft of a notification (Form CO) to the EU Commission on August 22, 2008. Based on the investor agreement concluded with Continental AG, the EU Commission requested that this notification be revised and all information concerning Continental AG be based on current Continental AG figures instead of Schaeffler estimates. Furthermore, the EU Commission asked Schaeffler to specify the worldwide potential relations between products in neighboring markets and corroborate this statement with financial figures. Since corresponding information is not centrally available at Continental AG, the compilation of such information is a time-consuming procedure. The Schaeffler Group believes that it is in the mutual interest of both companies and the shareholders of Continental AG to enable a rapid conclusion of the process by preparing the notification in the best possible manner. The Schaeffler Group will publish without undue delay on its website www.schaeffler-angebot.de and in the electronic Federal Gazette when the offer conditions have been met. After this, the offer will be settled within eight working days.

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