Schaeffler launches hostile bid for Conti

Though Continental has rejected the takeover bid launched by bearing manufacturer Schaeffler, with Continental CEO Manfred Wennemer describing the takeover attempt as "unlawful" and "highly opportunistic" and the offer of EUR69.37 per share far too low, there is no way to stop Schaeffler buying shares on the open market or doing deals with major institutional shareholders to increase influence, a Global Insight research note said on Wednesday.