Schaeffler Group Finds the Reaction of the Continental Management Board Incomprehensible
Resource from: CBCC Likes:2947
Jul 18,2008
Based on sound business logic
Commitments reaffirmed
Legally permissible procedure – allegations without merit
Schaeffler Group, Herzogenaurach, finds the negative reaction of the management board of Continental AG incomprehensible and does not appreciate the tone of debate chosen by Continental AG’s chief executive officer.
As an independent, family-owned company Schaeffler Group has always stood for entrepreneurial foresight and responsibility across generations, for pronounced public spirit, reliability and continuity. The company’s owners, management and all employees are committed to these values today and in the future.
Schaeffler is convinced that combining the two companies makes good business sense. Both companies are leaders in their similar sectors and possess complementary portfolios. We invite Continental to join Schaeffler Group in creating a win-win situation and to take advantage of this big opportunity to combine the strengths of the two companies and thereby create a globally leading automotive supplier based in Germany, which, at the same time has a strong industry business, says Dr. Jürgen M. Geissinger, chief executive officer of Schaeffler Group.
Schaeffler again reiterates its commitment to support the strategy of Continental including its tire business. Schaeffler will therefore not break up Continental AG. Schaeffler will service the acquisition facility of the transaction on its own and is neither dependent on access to cashflows from Continental AG Schaeffler nor on funds generated through the divestment of parts of the company. Continental AG will continue to remain listed on the stock exchange and, if possible, remain in the DAX index. It will remain an independent company based in Hanover. No jobs will be lost as a result of the transaction.
Schaeffler Group emphasizes that the swap transactions were executed in accordance with the law and emphatically rejects as totally unfounded the allegation that the swaps involved an illegal procedure. The swaps for approximately 28 percent of Continental shares do not carry any rights for transfer of title and therefore do not grant access to the underlying shares. These transactions therefore do not have to be disclosed under the German Securities Trading Act (WpHG). This is normal market practice. We have disclosed all of the agreements to the German Federal Financial Supervisory Authority (BaFin) and are convinced that BaFin will agree with our position.
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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