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.
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)