Is Debt Load Pushing Schaeffler Changes?
Financial Times Deutschland has reported that Schaeffler is considering a switch to being “a corporation.”
Reports Say Schaeffler May Sell Up to 25 Percent to Investors
Schaeffler faces increasing pressure from six banks to change the terms of the funding after Continental shares fell to less than 40 euros ($51.07) compared with the 75 euros-a-share purchase price.
Schaeffler to Apply for Antitrust Clearance
Following renewed talks with the EU Commission, the Schaeffler Group expects to submit the final draft of its antitrust clearance application (relating to its Continental AG purchase) sometime his week.
GPX Selling Off Serbian Plant
GPX is selling its Serbian tire plant to Czech tiremaker CGS. The sale is expected to close in September, GPX said. CGS produces and sells Continental and Semperit farm tires for the European market. GPX’s Rumaguma, Serbia, plant has been producing tires for CGS for many years and CGS is currently the plant’s largest customer,
Schaeffler ‘Very Satisfied’ With Loan Package
As reports suggest, investment banks have walked away from rescuing Continental AG from the Schaeffler Group’s hostile takeover. Now, Reuters reports that Schaeffler has successfully arranged a 16.1 billion euro loan.
Conti Considers Peer Acquisition to Defend Against Schaeffler Bid
Continental is considering the option of purchasing a peer company as part of its defense against the Schaeffler Group’s 11.3 billion euro acquisition bid, according to the Financial Times on Aug. 9. The newspaper quoted sources close to the situation as saying Conti was engaging in "concrete talks" with several listed and unlisted international rivals about a possible multi-billion-euro deal, however Conti has not commented on the validity of this news.
Conti May be Talking to Bridgestone, Schaeffler Defends Bid
Even as ball bearing-maker Schaeffler Group warned Continental AG against running up its capital position as a defense against a takeover, news reports say that Conti has been talking to two hedge funds and Bridgestone Corp. for a possible white knight bid. German newspaper Handelsblatt reported that Continental has contacted hedge funds Apollo and KKR and Bridgestone in search for a friendly partner to defend against Schaeffler’s hostile bid.
Standard Motor Products Announces Second Quarter 2008 Results
Standard Motor Products has reported its consolidated financial results for the three months and six months ended June 30. Consolidated net sales for the second quarter of 2008 were $215.3 million, compared to consolidated net sales of $217 million during the comparable quarter in 2007. Losses from continuing operations for the second quarter of 2008 were $772,000 or 4 cents per diluted share, compared to $5.7 million or 30 cents per diluted share in the second quarter of 2007. Excluding restructuring expenses for previously announced facility moves, a deferred gain from the sale and leaseback of its corporate facilities in Long Island City, N.Y., results from continuing operations for the second quarter 2008 were essentially breakeven compared to earnings in the second quarter 2007 of $6 million or 32 cents per diluted share.
Schaeffler Raises its Direct Conti Stake to 8 Percent
Schaeffler Group has reportedly increased its direct shareholding in Continental AG to 8 percent, German daily newspaper Die Welt has reported. According to the paper, the company bought an extra 5 percent (in addition to an existing stake) for a price of between 63.20 euros and 69 euros per share, well below the 70.12 euros
Schaeffler Bid Gets Bank Support
News reports out of London say that Schaeffler Group’s takeover bid of Continental AG has been fully underwritten by a series of bank loans. The loans are expected to be syndicated next week, according to Reuters. Continental rejected Schaeffler’s latest bid earlier this week, but has stated that it would meet with the ball bearing