Conti Takeover Run Takes Twists and Turns

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% of Continental shares, and that Conti executives have rejected Schaeffler’s takeover overtures as being too low for the value of the company.

Reports say that Schaeffler has offered some $18 billion in cash for Continental. Shares in the German tire and auto part maker have fallen in recent months thanks to global declines in the automobile industry

Schaeffler reportedly said it had no intention of breaking up Continental, but some analysts feel this is not the case. One even said he felt Schaeffler had a buyer lined up for Conti’s tire business, and that Pirelli, Bridgestone and Yokohama were the likely candidates.

Other analysts said Conti may move to stave off the takeover attempt by selling off part of its business and use the proceeds to buy back shares, or it could find a more favorable suitor.

Still other suggested Schaeffler may be making the run at Conti – three times its size – to set itself up for purchase by Continental.

Meanwhile, Continental has placed formal complaints to German regulators concerning Schaeffler’s behind-the-scenes stock purchases and deals for Conti shares. (Tire Review/Akron)

GRI recently conducted programs in Sri Lanka to empower women and motivate children under its Green x Circle initiative. The company said these endeavors aimed to address the needs of the community, focusing on both women empowerment and youth motivation.

GRI recently organized a training program titled "Management of household finance under current economic conditions" at the Ingiriya Rubber Collecting Center in Sri Lanka, South Asia led by Shashika Nimali, an NLP practitioner and life coach. The company said this initiative provided women in the industry with essential skills and knowledge to effectively manage household finances. GRI's tailored training sessions equipped participants with tools for informed decision-making, ultimately fostering greater financial security and independence, the company said.