Sources in Germany say that Continental is in talks with several potential investors from the automobile and financial sectors, as it looks to defend itself against the takeover bid launched by Schaeffler.
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Continental has rejected the advances of privately owned Schaeffler, which makes bearings and other parts for the auto and aerospace industries, saying the two offers it has so far made undervalue the firm.
Continental, which is heavily in debt after acquiring Siemens VDO in 2007, is also considering calling an extraordinary shareholders’ meeting to extend the period in which shareholders can agree to sell their shares to Schaeffler.
The Financial Times cited people close to the situation as saying that one of the investors that Continental was in talks with was Japanese competitor Bridgestone.
See also: Schaeffler launches hostile bid for Conti
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