Date: 2013-08-01

Schaeffler CEO Says No Current Plans to Tie up with Continental AG

Sep 06, 2010 (MANAVIGATOR via COMTEX) --

German bearings manufacturer Schaeffler is not considering for now a potential combination with automotive parts supplier Continental AG (ETR:CON), in which it owns 42%, Schaeffler CEO Juergen Geissinger was cited on Monday by Financial Times Deutschland as saying. Geissinger has been so far anticipating that a merger with Continental could happen by the end of 2011. Schaeffler has built up an EUR11bn (USD14.2bn) debt as a result of its efforts to take control of Continental, the paper said.

According to Financial Times Deutschland, Schaeffler has another 33% in Continental currently held by creditor banks.

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