Schaeffler Files Merger Notification with EU Authorities
Resource from: CBCC Likes:2936
Nov 17,2008
* Schaeffler aims for rapid implementation of Continental AG takeover
* Schaeffler/Continental merger creates leading global automotive supplier
In the merger clearance proceedings concerning the takeover of Continental AG, Hanover, the Herzogenaurach-based Schaeffler Group has received the go-ahead from the EU Commission for formally filing the merger notification. Schaeffler Group will submit the documents (Form CO) required for initiating a merger clearance examination today.
"We will implement our strategy according to plan and conclude the takeover after approval from the EU Commission,” said Dr. Jürgen M. Geiszlig;inger, Schaeffler Group President CEO. “The combination of Schaeffler and Continental will create one of the leading global automotive suppliers. We will be able to offer the automobile industry solutions for any market and application – from individual components through to systems solutions.”
Dr. Geiszlig;inger pointed out that bringing together the strengths of both companies would result in a decisive competitive edge in the automotive field, especially when bearing in mind the current market situation. The guideline is to combine Schaeffler’s strengths in mechanical, mechatronic and precision components for engines, transmissions and chassis with Conti’s strengths in electronic, software and system solutions for engines, chassis and the passenger compartment. Together Schaeffler und Continental will develop systems for reduced fuel consumption such as hybrid and electrical drives.
The joint further development of Schaeffler’s electromechanical valve train systems on one hand and Continental’s injection technology and exhaust aftertreatment on the other offers the chance to significantly increase the efficiency of combustion engines and to achieve a further significant reduction in emissions.
Following notification, the EU Commission will decide within an investigation period of 25 workdays (“Phase I”) whether the merger will be approved or a detailed “Phase II” inspection procedure be initiated. The Schaeffler Group is confident to receive an approval within Phase I.
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