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hostile takeover

August 4, 2010

When family-controlled industrial group Schaeffler shocked world markets by announcing it was launching a hostile takeover bid for tyre-maker Continental in 2008, few gave them much hope of pulling it off, writes Marc Smith.

When family-controlled industrial group Schaeffler shocked world markets by announcing it was launching a hostile takeover bid for tyre-maker Continental in 2008, few gave them much hope of pulling it off, writes Marc Smith.

Schaeffler, which was set up in 1946 when brothers Wilhelm and Georg Schaeffler started rolling bearings business INA, had a turnover of €9 billion compared with Continental's €26 billion.

August 21, 2008

Family-owned Schaeffler Group has emerged victorious from its efforts to gain control over rival Continental, albeit with a number of concessions.

Family-owned Schaeffler Group has emerged victorious from its efforts to gain control over rival Continental, albeit with a number of concessions.
 
The ball bearings manufacturer, which launched a hostile takeover bid in July, has signed an investor agreement that limits its investment in Continental to a minority stake of no more than 49.99%.
 

July 31, 2008

The deadlock in the Schaeffler-Continental takeover battle has been broken with the family-owned company making a €11.35 billion hostile bid for its larger rival.

The deadlock in the Schaeffler-Continental takeover battle has been broken with the family-owned company making a €11.35 billion hostile bid for its larger rival.

Schaeffler, which is owned by Maria-Elisabeth Schaeffler (pictured) - the wife of one of the founders - and her son, announced it is offering Continental shareholders €70.12 per share in cash, which includes a 29.95% premium on the closing stock price. In attempting to force a rapid agreement, it has set a deadline of 27 August for acceptance.

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