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Schaeffler Wants its Conti Board Seats

Reports out of Europe say that Schaeffler Groups wants to place four of its top managers on Continental AG’s supervisory board – as soon as possible.

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Schaeffler chief Maria-Elisabeth Schaeffler told Frankfurter Allgemeine Sonntagszeitung of the board placement that they may not want to wait until Conti’s next shareholder meeting, set for April 2009, adding, "After all, we will soon be a major shareholder.”

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Schaeffler Group wants board seats for CEO Juergen Geissinger, CFO Thomas Hetmann, Maria-Elisabeth Schaeffler and her son Georg.

Meanwhile, financial issues may imperil Schaeffler. Last week, Handelsblatt newspaper cited sources at Continental as saying Schaeffler required some $5.3 billion to $9.3 billion of fresh capital for the short term. Schaeffler declined to comment, according to reports. (Tire Review/Akron)

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