Conti-Schaeffler
Conti-Schaeffler
22nd August 2008 15:33
I guess it was inevitable that a deal would eventually be struck and it has. Schaeffler takes a stake in Conti that gives it a big say, but it won’t be able to do any of the more radical things it might have been eyeing (like selling tyres) for another four years at least. It does however, get access to Conti technology through this alliance.
And former German Chancellor Schroder acting as referee ought to provide some reassurance to Conti employees. The offer from Schaeffler has been upped and the shareholders ought to accept it.
I guess the only person not smiling is the Conti CEO who has very honourably fallen on his sword. He said some things that probably made it difficult for him to continue in the role. Mind you, he will probably be well looked after with a golden handshake which might just take the edge off any bad taste in his mouth.
GERMANY: Deal buries Conti-Schaeffler hatchet as CEO quits
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