Continental-Schaeffler deal seems set

Ireland News.Net
Thursday 21st August, 2008

Auto parts maker Continental AG has ended a standoff over a takeover bid from smaller rival Schaeffler KG.

It reached a deal after Schaeffler raised its offer and agreed to limit itself to a minority stake.

But the deal claimed a prominent victim, Continental chief executive Manfred Wennemer, who asked to be released from his contract.

The board agreed and said a successor would be appointed.

Wennemer has been CEO of Continental since September 2001.

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