Schaeffler holds 48% of tyre-maker Continental

0 Comments | AFP, September, 2008

FRANKFURT (AFP) — The German auto and aerospace parts group Schaeffler said Tuesday it now owns 48.32 percent of its much larger rival Continental, for which Schaeffler offered 75 dollars (109 dollars) per share last month.

Schaeffler said 40.26 percent of the shares in Continental had been tendered in response to the offer and were added to a stake of around eight percent that it owned already.

Schaeffler had to give a series of pledges, including not to own more than 49.99 percent of Continental before 2012, to win Continental's approval for its offer on August 21.

Schaeffler had made an initial, unsolicited bid in July at 70.12 euros per share.

The improved offer values Continental at more than 12 billion euros, nearly 40 percent more than it was...