GERMANY: Continental deflects private equity bid
Continental AG on Thursday said that a private equity investor had contacted it to assess the potential submission of a public takeover bid. This review, which was only at an early stage, has been terminated by mutual agreement, the components and tyre maker said in a statement.
"The Continental executive board has decided to make the termination of this process public to dismiss any rumours on the capital market," the statement said. "Continental AG did not enter into any material commitments in connection with this process.
"We regard this interest of private investors as a confirmation of the attractiveness of Continental and its perspective in the future," said executive board chairman Manfred Wennemer.
"Continental continues to demonstrate that the company can orientate itself strategically to deal with new challenges and adapt to the ever-changing conditions presented by globalisation."