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.
ACCC Promotes Len Lewin to CEO, Names Ben Kravitz Chairman
American Car Care Centers Inc. (ACCC) announced that Len Lewin will lead the company as chief executive officer, effective Oct. 1. ACCC has also appointed Ben Kravitz as its new chairman of the board of directors, effective Oct. 1.
Continental Cuts Production at Charlotte Passenger Plant
Continental Tire North America (CTNA) announced yesterday that it is making a significant cut in tire production at its Charlotte, N.C., passenger and light truck/SUV tire plant, a move that will result in some 200-300 layoffs.