Schaeffler Group 11.3 billion euro bid will be top of the agenda, sources told the DPA news agency. The news follows reports that Continental’s management is working to drum up allies including private-equity firms to fend off Schaeffler’s unsolicited takeover bid.
It is not clear who the company’s potential white knight(s) may but, news the Wall Street Journal reported that Continental has held “preliminary discussions” with firms including U.S. private-equity firm TPG. (Tyres & Accessories/Staffordshire, U.K.)