Schaeffer Says to Hand in Takeover Draft to EU Soon

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Oct 09,2008

Family-owned bearings group Schaeffler said on Tuesday it expects to hand in the final draft for the takeover of automotive supplier Continental to the European Commission next week. Schaeffler said in a statement that it delivered a first draft to the EU Commission on Aug. 22, but the EU asked Schaeffler to rework the draft using Continental's own figures rather than Schaeffler's estimates. The EU also asked Schaeffler to list possible product relations in neighbouring markets and to support such statements with the relevant figures. "Such a listing is time consuming, because this information is not centrally available at Continental," Schaeffer said. On Monday, Schaeffler insisted that its 12 billion euro ($16.3 billion) takeover offer for Continental remained on track despite market turmoil. A Schaeffler spokesman said at the time: "We are doing our utmost to complete this quickly and are working urgently to get EU approval for this."

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