Schaeffler plans to file for European Commission approval to take over Continental AG on by the end of this week and expects Brussels to approve the deal by the end of the year.


“We will implement our strategy according to plan and conclude the takeover after approval from the EU Commission,” Chief Executive Juergen Geissinger said in a statement.


The European Commission then has 25 working days to examine the acquisition. If it decided to look more deeply into the deal it would launch a second phase of the review.


“The Schaeffler Group is confident to receive an approval within Phase I,” the company said.


“We will be able to offer the automobile industry solutions for any market and application – from individual components through to systems solutions.”


AFP reported that Schaeffler was rumoured to be having trouble getting financing for the deal.


Schaeffler offered 75 euros per share for Continental in August, but pledged not to take a majority holding before 2012.


“We will be able to offer the automobile industry solutions for any market and application – from individual components through to systems solutions.”