Reports Speculate Conti Now Sees Schaeffler Takeover as ‘Desirable’
Schaeffler Group’s so-called “sneaking takeover” of Continental AG now appears to be unstoppable, following the supervisory and executive boards’ decision that an agreement with Schaeffler, parent company of brands LuK, FAG and INA, is “desirable.” At the same time, talk arose of a possible “white knight,” an outside firm more friendly to Conti that could counter Schaeffler’s bid.
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.
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.
Conti Private Equity Acquisition Unlikely, Say Analysts
Shares in Continental AG have apparently declined again after rising by more than 7 percent on June 25, the result, say traders, of renewed market talk of interest in a private equity bid. A German financial newspaper named Boersen-Zeitung, Banco Santander SA, ING Group NV and Deutsche Bank AG as the favored contenders for bidding.
Former Conti Exec Bill Kozyra Named Chairman and CEO of TI Automotive
Bill Kozyra has been named chairman and CEO of TI Automotive. Kozyra’s appointment follows the planned retirement of former chairman and CEO Bill Laule. Kozyra comes to TI Automotive with more than 30 years of automotive experience, including leadership positions at Budd Company, Allied Signal, Bosch, ITT Automotive and Continental AG. Kozyra most recently was president and CEO of Continental AG’s NAFTA operations and a member of the company’s executive board.
ATE Releases New PremiumOne Aftermarket Brake Products Catalog
AUBURN HILLS, Mich. – ATE, part of the Interior Division of Continental Corp., has released its 2008 ATE PremiumOne Aftermarket Brake Products Catalog. The 450-page catalog features more than 10,000 additional domestic, Asian and European applications for model years 1980 to 2008. The primary product categories listed include pads, rotors and hydraulics, as well as
The Top Ten News Stories of 2007
For the fourth year in a row, the editorial staffs of aftermarketNews and Counterman magazine have selected what they determined to be the most significant events to impact the automotive aftermarket in the past year. News stories are presented in chronological order.
Conti Acquires Chinese Auto Components Firm
Continental AG’s Automotive Systems Division plans to further consolidate its position in China through the acquisition of Zhangjiagang Fugang Heli Electronics Co. Ltd. from China’s Fugang Group. Conti intends to integrate the operations of Fugang Heli, a manufacturer of cooling fan modules and window lift motors, into the division’s electric drives business unit upon regulatory approval of the purchase.
Guy Edington Appointed Director of Technology at Standards Testing Labs
MASSILLON, OH — Standards Testing Laboratories, Inc. (STL), an independent testing facility for tires, wheels and related automotive components, has named Guy Edington as director of technology. Edington will serve as STL’s technical representative to key industry organizations, including the National Highway Traffic Safety Administration (NHTSA), ASTM International and the Society of Automotive Engineers (SAE).
From Counterman.com: The Globalization of the Groups
It was bound to happen: Globalization has come to programmed distribution. Of course, it was just a matter of time, as the industry quickly moves in directions that increasingly point outside U.S. borders, sometimes across entire oceans.