Continental AG Cap Hike Passes, CEO Under Fire
(Reuters and other reports) The soap opera that has been Schaeffler Group’s ownership of Continental AG continues to take new turns, with Reuters now reporting that Conti’s CEO is being forced out and Schaeffler wants to unload the company’s rubber group.
Continental AG Posts 2Q Profit
(Reuters) Germany’s Continental AG posted an operating profit in the second quarter, both on an underlying and a reported level, and said it still had a “solid” level of cash reserves at the end of June.
Schaeffler Says Continental AG Merger Value Undecided
(Bloomberg) Schaeffler Group, the German ball- bearing manufacturer that acquired most of the shares of tiremaker Continental AG last year, said valuations related to a potential merger of the companies haven’t been discussed.
Continental AG Says It Was Profitable in Quarter
(Bloomberg) Continental AG, the German car-parts and tire manufacturer strapped by 11 billion euros ($15.7 billion) in debt, said it restored profit after two quarters of losses by pursuing “rigorous” spending cuts.
Report: Kuwait Shows Interest in Continental AG
(Reuters) The Kuwaiti Investment Authority (KIA) may be considering investing in German auto parts supplier Continental AG, German business weekly WirtschaftsWoche reported on Saturday.
Continental AG to Cut 2,600 Automotive Jobs: Paper
(Reuters) Continental AG plans to cut about 10% of jobs at its automotive division, a spokeswoman for the company told German daily Frankfurter Allgemeine Zeitung.
Continental AG Considers Share Sale, Disposals to Reduce Debt
(Bloomberg) Continental AG, Europe’s second- largest car-parts maker, may sell shares or divest assets in an effort to manage 10.5 billion euros ($13.7 billion) in debt amid the worst auto-industry crisis in decades.
Continental AG to Present Strategic Concept Soon
(Reuters) Continental AG plans to present investors with an overall strategic concept in the next 100 days at the latest, its chief executive said on Thursday.
Continental AG’s Bischoff Wants Tire Investor, Focus Reports
(Bloomberg) Continental AG deputy chairman Werner Bischoff still favors finding an investor for the auto supplier’s tire unit even after a rejection by Pirelli SpA, Focus magazine reported, citing the labor representative.
Schaeffler Concludes Takeover of Continental AG
The Schaeffler Group has completed its planned takeover of Continental AG, paying 75 euros per share to the depositary banks of those who tendered their shares to Schaeffler.