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Schaeffler

September 10, 2009

Family-controlled Schaeffler Group has chosen one of Germany’s most experienced executives to lead the supervisory board of Continental, the larger rival it took over last year.

Family-controlled Schaeffler Group has chosen one of Germany's most experienced executives to lead the supervisory board of Continental, the larger rival it took over last year.

Wolfgang Reitzle, currently chief executive of engineering and industrial gas company Linde, will take up the role of chairman of the supervisory board if he is appointed to the board of Continental, according to a statement on Schaeffler's website.

May 21, 2009

The skills of family business owners, chairmen and managers are being severely tested in the current climate. Just this week, rumours that family-owned Shaeffler’s audacious takeover of larger rival Continental is beginning to unravel have surfaced. So what are some of the world’s leading business-owning families saying and doing? Campden FB takes a look…

The skills of family business owners, chairmen and managers are being severely tested in the current climate. Just this week, rumours that family-owned Shaeffler's audacious takeover of larger rival Continental is beginning to unravel have surfaced. So what are some of the world's leading business-owning families saying and doing? Campden FB takes a look…

February 11, 2009

The Schaeffler family has, for the first time, made public comments about its takeover of rival Continental. In a wide-ranging, six-point defence of their actions, Maria-Elisabeth Schaeffler and son Georg have decided to set the record straight on their plans for the German automobile supplier as speculation builds in the mass media that the business could fail.

The Schaeffler family has, for the first time, made public comments about its takeover of rival Continental. In a wide-ranging, six-point defence of their actions, Maria-Elisabeth Schaeffler and son Georg have decided to set the record straight on their plans for the German automobile supplier as speculation builds in the mass media that the business could fail.

January 26, 2009

The power struggle that emerged last week between family-owned Schaeffler and recently acquired rival Continental has ended as Maria-Elisabeth Schaeffler and her son gain seats on the board.

The power struggle that emerged last week between family-owned Schaeffler and recently acquired rival Continental has ended as Maria-Elisabeth Schaeffler (pictured) and her son gain seats on the board.

Schaeffler had reportedly been unhappy with Continental's supervisory board chairman Hubertus von Grünberg. He has now stepped down from his position, although he will retain a seat on the supervisory board, and put in charge of a newly created business unit for rubber.

January 21, 2009

Family-owned engineering group Schaeffler has clashed with senior management at Continental, the rival company it formally acquired at the beginning of January.

Family-owned engineering group Schaeffler has clashed with senior management at Continental, the rival company it formally acquired at the beginning of January.

According to Reuters, Schaeffler is unhappy with Continental’s supervisory board chairman Hubertus von Gruenberg as a power struggle develops between the two German companies.

Von Gruenberg is a former advisor to Schaeffler who knows both the company and the family well, but Schaeffler now wants him to resign.

September 1, 2008

The story of the summer has been family-owned Schaeffler’s takeover bid of Continental. Neil Sen has a look at what happened and what it means for the company

The story of the summer has been family-owned Schaeffler's takeover bid of Continental. Neil Sen has a look at what happened and what it means for the company

"You can't get along in this world by being nice to everyone," Maria-Elisabeth Schaeffler, the head of the private, family-owned German engineering group Schaeffler, said in 2001 after her company's successful hostile bid for the much larger, listed company FAG Kugelfischer.

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.

July 16, 2008

Car part manufacturer Continental has rejected family firm Schaeffler’s unexpected €12.2 billion bid, saying the offer is too low and the tyres-to-brakes company would gain nothing from a merger.

Car part manufacturer Continental has rejected family firm Schaeffler's unexpected €11.2 billion bid, saying the offer is too low and the tyres-to-brakes company would gain nothing from a merger.

Weekend reports of a potential offer were confirmed on Tuesday when Schaeffler revealed it had clandestinely stockpiled more than a third of Continental's shares via options organised quietly through banks.

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