Huburtus von Gruenberg, head of the supervisory board at Continental, has resigned over differences with the group’s new main shareholder, Schaeffler.
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The decision would take effect immediately, and von Gruenberg would be replaced temporarily by the current vice president, union leader Werner Bischoff, pending the election of a new president, a statement said.
Dow Jones Newswires quoted von Gruenberg as telling reporters that ‘Schaeffler has breached the spirit …and content of our investor agreement’.
Von Gruenberg said there was a risk that Continental would “be roped in in the downward” spiral embroiling the family-owned Schaeffler.
Schaeffler is in talks with banks and has asked for state aid. The firm borrowed heavily to fund its acquisition of Schaeffler shares.
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