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Schaeffler looks to unseat Continental chairman

Family-owned engineering group Schaeffler has clashed with senior management at Continental, the rival company it formally acquired at the beginning of January.

According to Reuters, Schaeffler is unhappy with Continental’s supervisory board chairman Hubertus von Gruenberg as a power struggle develops between the two German companies.

Von Gruenberg is a former advisor to Schaeffler who knows both the company and the family well, but Schaeffler now wants him to resign.

Schaeffler, a €9 billion business specialising in ball bearings, is owned by Maria-Elisabeth Schaeffler (pictured), the wife of one of the company’s founders, and her son.

On Monday, German newspaper Die Welt reported that Schaeffler was demanding the withdrawal of all 10 Continental shareholder representatives on the board.

The €12 billion takeover, which gives Schaeffler 49.9% of Continental’s voting stock, was concluded on 8 January. Schaeffler launched a hostile bid last July.

Related link:
Schaeffler takeover rocks corporate Germany

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