Schaeffler Likely to Take Control of Continental AG in 2010
Schaeffler Group is likely to wait until 2010 before it takes full control of Continental AG, German radio station NDR1 reported on July 16, just a day after Continental rejected the smaller company’s 11.2 billion euro takeover run.
Continental AG to Pass on Commodity Price Spike
(The Guardian) German auto supplier Continental AG will pass on higher commodity prices to customers including major automakers to mitigate the impact of runaway raw material costs, its chief executive said on Thursday.
UBS Increases Stake in Continental AG
(Staffordshire, U.K./Tyres & Accessories) According to a press release published on Nov. 12 by Swiss based banking firm UBS AG, its share in Continental AG now stands at 5.34%.
Continental AG in Talks with Potential Buyers of Parts of VDO
(Akron/Tire Review) Continental AG is in talks to spin off Electric Motor Drives, which is part of Siemens AG’s former VDO unit, management board member and human resources head Heinz-Gerhard Wente said.
Continental AG, TRW Submit Larger Bids for Siemens VDO
(Akron/Tire Review) Continental AG and the tandem of U.S. automotive supplier TRW and private equity company Blackstone both submitted bids to acquire Siemens AG’s VDO unit that are each above $16.5 billion, Handelsblatt reported, citing sources within the financial industry.
Siemens Says Continental AG Bid is Low
(Akron/Tire Review) According to European news reports, Gerhard Cromme, supervisory board chairman of Siemens, said Continental AG’s $13.4 billion bid for Siemens VDO, the company’s automotive electronics unit, is not high enough.
Continental AG Progressing on Talks to Acquire Goodyear Unit
(Akron/Tire Review – AFX) German auto parts supplier Continental AG said it expects to reach a decision soon on whether or not to pursue a purchase of Goodyear’s Engineered Products division.
Amtel-Vredestein in Talks With Continental AG
(Akron/Tire Review) Reuters and Kommersant have both reported that Amtel-Vredestein has held talks with Continental AG aimed at either a cooperative venture in Russia or an outright sale of the Russian tiremaker to Continental.
Continental AG to Boost Prices This Year
(Akron/Tire Review) AFX News reported that international automotive supplier Continental AG will raise prices this year as a result of high raw material costs.
Reports Say Continental AG Considering Greenfield Tire Plant in China
(Akron/Tire Review) Continental AG CFO and Continental Tire North America President and CEO Alan Hippe told media sources in Germany that the company has not yet made a decision on its tire production plans in China.