Schaeffler May Sell a Quarter of Conti

Quoting unnamed bankers, Sueddeutsche Zeitung reported that the Schaeffler family is facing “increasing pressure from six banks” to change the terms of the company’s funding after Conti shares fell to less than 40 euros.

Meanwhile, Schaeffler Group sought to counteract reports that the company was planning to sell off its tyre and rubber products businesses by seeking European Union antitrust clearance for its takeover. The company hopes the move, made on Oct. 17, will reassure markets of its long-term plans for merging the businesses. According to Bloomberg reports, Schaeffler is in “constant contact” with the regulator and expects approval within “the normal 25-day period.”

Since completing the offer on Sept. 16 Schaeffler has been buying stock tendered in order to trim the cost of the deal. The tendered shares trade separately from the free-float shares and have been selling below the offer price. In total, Schaeffler has bought over 5 million tendered Continental shares since the offer ended. (Tyres & Accessories/Staffordshire, U.K.)

GRI recently conducted programs in Sri Lanka to empower women and motivate children under its Green x Circle initiative. The company said these endeavors aimed to address the needs of the community, focusing on both women empowerment and youth motivation.

GRI recently organized a training program titled "Management of household finance under current economic conditions" at the Ingiriya Rubber Collecting Center in Sri Lanka, South Asia led by Shashika Nimali, an NLP practitioner and life coach. The company said this initiative provided women in the industry with essential skills and knowledge to effectively manage household finances. GRI's tailored training sessions equipped participants with tools for informed decision-making, ultimately fostering greater financial security and independence, the company said.