Schaefflertold journalists at an automotive business conference in Berlin that thefinancial crisis was hindering her company’s plans to take over Continental AG.“It cannot be ruled out that a long-term orientated investor could take alarger stake in Continental,” the Financial Times quoted Schaeffler as saying.
WhenSchaeffler made its original 12.1 billion euro bid for Conti in July thecompany agreed to limit its shareholding to up to half of the company.Financial Times reported that approaches to sovereign wealth funds have beenmade as a way of off-loading the extra 40% of the company Schaeffler holds.
Inan unrelated development on Oct. 31, Schaeffler announced it had sold its LaceyManufacturing, Inc. U.S. subsidiary to Precision Engineered Products Inc.,headquartered in Attleboro, Mass. Schaeffler acquired the company back in 2001as part of the earlier take-over of FAG Kugelfischer AG. In a statement on thematter the company reported that the reason for the sale was because Lacey doesnot belong to the Schaeffler Group’s core business. The statement described“rolling bearings…plain bearings and linear technology as well as automotivecomponents and systems for engine, gearbox and chassis applications” as thecompany’s core business. Tyre and rubber products were noticeably absent from thisdefinition. (Tyres & Accessories/Staffordshire, U.K.)