GERMANY: UBS becomes largest shareholder in Continental AG
Swiss bank UBS has increased its shareholding in Continental to over 5%, making it the largest shareholder in the company.
According to dpa/AFX, UBS has increased its stake to 5.74% and the second largest shareholder is Capital Group with a stake of 5.1%. 82.1% of Continental shares are in free float.
Continental is currently in an acquisition phase. According to the news agency, board member Gerhard Lerch said this week that, following its failed acquisition of Goodyear Engineered Products, the company is looking at smaller acquisitions.
Goodear Engineered Products was sold to EDP at the end of March, after a year and a half of negotiations by Continental to buy the division.
Lerch confirmed that Conti is still interested in acquiring the Siemens components division, VDO. "We have registered our interest and nothing has changed there," said Lerch. He would not comment further on the state of discussions with Siemens.