Continental Wants Better Terms in Takeover Deal
Apparently now resigned that a takeover is inevitable, Continental AG is trying to steer matters in a more amicable fashion. Continental submitted a draft agreement to Schaeffler Group, listing three key points that it wants included in any deal. First, Schaeffler would have to improve its offer, second it wants guarantees that no employees would be fired and finally that Schaeffler would make repayments on Continental’s outstanding loans.
Pirelli Says it has No Interest in Continental
Pirelli SpA stated publicly that it has no interest in making a run at Continental AG or any of its business units, according to reports. "We have had no direct or indirect contact and have no interest in either Continental or its tire division," a spokesperson for Pirelli said in reports. Some European stock analysts
The Week in Review (July 14-18, 2008)
By Amy Antenora The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, just click on the link that says "News Archives" at the
Conti Takeover Run Takes Twists and Turns
News about Schaeffler Group’s run at Continental AG continues to come fast and furious, with European financial analysts now weighing in on how they see the deal going down. Analyst comments include speculation that Schaeffler would seek to break up Conti, selling off its component businesses – including its tire operations. What is known is that Schaeffler – directly and indirectly – controls some 36 percent of Continental shares, and that Conti executives have rejected Schaeffler’s takeover overtures as being too low for the value of the company.
Run at Continental Intensifies
German car parts maker Schaeffler Group said it now controls 36 percent of Continental AG, which it acquired through third parties. Despite reports that Schaeffler Group only wants to maintain a minority stake in Continental, and not mount a full-blown takeover bid, Continental executives are reportedly working on plans to thwart any outside bid.
Hostile Bid for Conti in the Works?
Financial Times reports over the weekend say that Continental AG received a takeover offer by German auto parts maker Schaeffler Group. Schaeffler has annual revenues of around $14.3 billion, while Continental is nearly twice the size, with annual sales of about $26 billion.
2008 LuK RepSet Catalog Available in Print and Online
Schaeffler Group USA Inc. has announced the release of the 2008 LuK RepSet Catalog. The catalog features clutch coverage for 95 percent of the vehicle population through 760 SKUs — including 58 new clutch sets.
Panel to Discuss ‘IT/IS and Business Unit: Friends or Foes?’ at MIS Council Fall Conference
RESEARCH TRIANGLE PARK, NC — A panel of motor vehicle parts manufacturer IT experts will discuss “IT/IS and Business Units: Friends or Foes?” at the MIS Council Fall Conference on Monday, Oct. 15, at the Marco Island Marriott Resort, Marco Island, FL. The conference is slated for Sunday, Oct. 14-Tuesday, Oct. 16. Panelists include Judy
Gates Acquires Equity Stake in Colinx
Gates Corp., the global leader in power transmission and fluid power systems, has announced that it has acquired an equity stake in CoLinx LLC which provides e-business and logistics services. Gates will use CoLinx logistics services in all CoLinx locations in the U.S. and Canada. The Gates on-line store for industrial power transmission products is planned for launch in the second half of 2006.
R. L. Polk & Co.’s Ask the Industry Explores the Value of Professional Development
Opportunities today for professional development abound — books by professional gurus, self-guided CD-ROM’s, industry seminars, in-house training. How important is professional development to you? Does your company put a premium on it, or are you on your own when it comes to expanding your horizons? We talked to two aftermarket executives with two very different perspectives on the matter.