Continental Tyres could be taken over by Schaeffler
Continental facing takeover by Shaeffler Group
16 July 2008 09:04
Tyre manufacturer Continental is facing a takeover by private German company Shaeffler.
Shaeffler is the world’s biggest maker of ball-bearings and has reportedly offered €10 billion (£7.9 billion) for the takeover.
Continental has been valued at €10.9 billion (£8.6 billion) and the company’s share price has halved in recent weeks as rising costs of raw materials takes its toll on the tyre industry.
Seasoned tourer and probably one of the most famous users of the company’s products, Nick Sanders, is currently on his Parallel Worlds Tour on Continental tyres.