Schaeffler Says Continental Merger Still on

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Jun 24,2009

German bearings maker Schaeffler said it was still looking to merge with auto parts supplier Continental AG (CONG.DE), denying a magazine report that it had proposed a 12-month hiatus. "There is no change to our aim to find a solution by July 31," a Schaeffler spokesman said on Tuesday, when asked about a report by manager-magazin that cited sources as saying Schaeffler aimed to postpone the planned merger with Continental. Schaeffler suggested at a meeting of the two companies' top managers that the two should deal with their problems separately for now, the online version of the magazine added. Continental declined to comment. Last July, ball-bearing maker Schaeffler launched a hostile $18 billion bid to buy Continental but ended up collecting more shares than it could afford, lumbering it with a debt millstone as car sales collapsed.

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