Ball bearings specialist Schaeffler plans to appoint four of its own managers to supplier Continental’s supervisory board as soon as possible.
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“After all, we will soon be a major shareholder,” owner Maria-Elisabeth Schaeffler told a Frankfurt newspaper.
According to Reuters, when she was asked if Schaeffler could have to wait until Continental’s annual general meeting in April to appoint supervisory board members, she said: “That remains to be seen.”
The four managers that Schaeffler wants to place on the board are chief executive Juergen Geissinger, CFO Thomas Hetmann, Schaeffler herself and her son Georg, the report added.
Schaeffler earlier this year tried buy Continental and eventually won the automotive supplier’s backing to take a stake of up to 49.99%.
Continental on Friday said it was “concerned” that Schaeffler was trying to interfere with its talks to restructure loans, Reuters added.
Family-owned Schaeffler had sent a letter to Continental’s banks asking to be consulted on planned changes to the automotive supplier’s loan agreements since it would soon be a major shareholder in the company.
But Continental said the move breached an investor agreement between the two companies in which Schaeffler vowed not to interfere with management’s strategy or demand substantial structural measures, according to the report.
Schaeffler denied this.
