Privately held auto parts maker Schaeffler makes formal bid for larger rival Continental

Closely held auto parts maker Schaeffler KG said Tuesday it launched a takeover bid for larger rival Continental AG, adding it had secured the rights to more than a third of the company's stock. In a regulatory filing with the German stock exchange, Schaeffler said it would pay €69.37 (US$110.58) a share for tire maker and auto supplier Continental, according to a regulatory announcement filed Tuesday. Continental has approximately 161 million outstanding shares, giving the offer a value of approximately €11.2 billion (US$17.9 billion). If the effort is successful, it would make Herzogenaurach-based Schaeffler the world's biggest auto component maker, putting it ahead of competitors like Robert Bosch GmbH. INA Holding Schaeffler KG, which holds an interest in Schaeffler, already holds nearly 3 percent of Hannover-based... [read full story]