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Conti Board Pushing Schaeffler Off

Continental AG executives said yesterday that it would not offer seats on its supervisory board to Schaeffler Group any time soon.

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The company, in the process of being taken over by Schaeffler, said Schaeffler will have to wait until Conti’s next scheduled board meeting in April, According to Financial Times.

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According to the report, Conti is deeply concerned about Schaeffler’s financial situation and that it may try to gain access to Continental’s cash.

Schaeffler wants four seats on the 20-member supervisory board, and recently made loud overtures toward that end.

European Union antitrust authorities are scheduled to rule on the $17.9 billion, debt-financed takeover on Dec. 19. (Tire Review/Akron)

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