Family-owned German engineering company Schaeffler is looking to takeover Continental, the world's fourth-largest tyre maker.
The Frankfurter Allgemeine Zeitung newspaper said today that the Schaeffler offer values Continental at over €10 billion and would include taking on the tyre maker's €11 billion debt.
The bid price gives Continental shareholders a 15% premium over the company's current share price and would be Europe's biggest M&A deal so far this year.
