Continental Notified by Schaeffler of Termination of Investment Agreement
No impact on very good and goal-oriented cooperation
(PresseBox) - The Herzogenaurach-based Schaeffler Group today notified Hanover-based Continental AG of its intention to terminate the mutual investment agreement in place since 2008. The investment agreement will thus end in May 2014.
With the involvement of Germany's former federal chancellor Dr. Gerhard Schröder, Continental AG concluded the investment agreement with the Schaeffler Group and its associated persons on August 20, 2008. It governs the cooperative relationship between the two companies in view of Schaeffler's position as Continental's major single shareholder. Schaeffler currently holds 49.9 percent of Continental shares.
"Notice of termination of the investment agreement is understandable from the vantage point of Schaeffler, our anchor shareholder. We are confident that the two companies will continue their very good and goal-oriented cooperation on into the future," said Dr. Elmar Degenhart, CEO of Continental AG.
With sales of ?32.7 billion in 2012, Continental ranks among the leading automotive suppliers worldwide. As a supplier of brake systems, systems and components for powertrains and chassis, instrumentation, infotainment solutions, vehicle electronics, tires and technical elastomers, Continental contributes to enhanced driving safety and global climate protection. Continental is also an expert partner in networked automobile communication. Continental currently has approximately 173,000 employees in 46 countries.
With sales of ?32.7 billion in 2012, Continental ranks among the leading automotive suppliers worldwide. As a supplier of brake systems, systems and components for powertrains and chassis, instrumentation, infotainment solutions, vehicle electronics, tires and technical elastomers, Continental contributes to enhanced driving safety and global climate protection. Continental is also an expert partner in networked automobile communication. Continental currently has approximately 173,000 employees in 46 countries.
Datum: 13.05.2013 - 17:23 Uhr
Sprache: Deutsch
News-ID 259268
Anzahl Zeichen: 1585
contact information:
Town:
Hannover
Kategorie:
Financial Services & Insurance
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"Continental Notified by Schaeffler of Termination of Investment Agreement"
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