Date: 2013-08-01

Continental Rejects Bid from Rival Schaeffler - For Now

Continental, the German tyre and car parts maker, rejected a Eur 11.3 billion (£9 billion) bid yesterday from Schaeffler, the world's biggest manufacturer of ball bearings.

However, the board of Continental, which is three times bigger than Schaeffler, said that an agreement with its rival was desirable. The board said that Schaeffler must consider either a higher bid, which would offer a premium to shareholders, or be willing to limit its holding in Continental to

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