Continental spurns surprise bid by family-run German rival

FRANKFURT (AFP) — A closely-run family firm is pursuing German auto parts giant Continental with a surprise bid that was spurned by its target Wednesday as totally inadequate.

Continental chairman Manfred Wennemer slammed Schaeffler Group's offer that valued the company at 11.3 billion euros (18 billion dollars) as "selfish, high-handed and irresponsible."

Schaeffler, which had tried to present its project in a friendly light, said later that it "could not understand the aggressive style chosen by Continental's boss.

"We invite Continental again to create a win-win solution," a Schaeffler statement said.

Continental said Tuesday that the "offer is highly opportunistic, does not come close to the true value of Continental, does not create trust and lacks a convincing strategic rationale."

Schaeffler, a Bavarian specialist in precision roller bearings and other parts for autos and aerospace equipment, is bidding for control of a blue-chip group ...