Date: 2013-08-01

Porsche Rejects Schaefflers Offer for Continental Shares

Immediately after yesterdays final approval for Schaeffler's Continental buyout, the Schaeffler group in its endeavour to seek partners to rid of financial crisis, received a sharp jolt from German sports car manufacture Porsche stating a definite 'not interested' to buy a stake in Continental AG.

Porsche having its own problems, is facing serious risk of 'reverse' takeover by VW.

Furthermore, Porsche's method to acquire VW, the same methodology employed by Schaeffler for Continental with undisclosed accumulation of shares, is a legal political issue that may require German Government intervention.

In a show of unity, the Bearing Industry Code of Conduct approves Schaefflers efforts to reduce its liability to debt and minimising the chance of a Continental reverse takeover of Schaeffler's family group.

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