EU Exec Clears Schaeffler Buy of Continental

Resource from: CBCC Likes:2934

Dec 22,2008

Privately held German bearings maker Schaeffler won permission on Friday from the European Commission to acquire auto parts maker Continental (CONG.DE), the EU's executive arm said. The Commission found the two companies' businesses did not overlap and were to a minor extent vertically integrated. The Commission's investigation found the merged entity would not have the ability to discriminate against its competitors in this market, as there were credible alternative suppliers and needle roller bearings represent only a small cost factor, it said in a statement. Schaeffler earlier this year set out to buy Continental. It was initially met with resistance and had to agree to keep its holding in Continental below 50 percent for four years to push through its 75 euro-a-share offer. Schaeffler said it would now conclude the planned takeover "without delay" and would pay Continental shareholders for the stock they had tendered on or around January 8. The shares tendered for sale could be traded up until January 2, Schaeffler said. Some of the shares tendered to Schaeffler (CONGv.DE) (CONGvb.DE), which are also still being traded but carry the previous owner's acceptance of the 75 euro offer, were up 8.1 percent at 69.20 percent in floor trading on Friday evening. Continental said once Schaeffler had paid for all the shares tendered, an agreement would come into force under which Schaeffler pledged to refrain from interfering with management's strategy and demanding substantial structural measures.

()

【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.

Add to My Favorites

[Close the window]

Previous Industry Summit a highlight of the year for PTDA members
Next igus Releases New Bearings Catalog

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.