Русская версияThe agreement came Thursday, Aug.
21, after family-owned bearings
manufacturer Schaeffler increased its bid to 75 euros ($110.61) per
share from the 70.12 euro bid they offered last month, the
companies said. Schaeffler would maintain a minority share of up to
49.99 percent in tire maker Continental for four years under the
deal.
Continental said the overall package, which includes stipulations
to protect the interests of Continental's employees and
shareholders, was "acceptable." As part of the package, Schaeffler
agreed not to split up the company or demand any sales or
substantial structural changes.
A casualty of the compromise
Bildunterschrift:
Großansicht des Bildes mit der Bildunterschrift:
CEO Manfred Wennemer will step down at the end of August
Continental chief executive Manfred Wennemer, who had opposed the
deal from the start, however, has asked the supervisory board to be
released from his responsibilities by Aug. 31, according to a
statement from Continental. The board agreed but has not yet named
his successor.
The 60-year-old had been CEO since September 2001, helping to
oversee its expansion and shift production to low-cost markets.
According to the London-based daily
Financial Times
, Wennemer had initially referred to Schlaeffler as "egotistical,
autocratic and irresponsible."
Still, a slump in the automotive industry along with an 11 billion
euro acquisition by the larger firm led to a retreat in
Continental's share prices and made the group vulnerable to a
takeover.
(Deutsche Welle)
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