Continental AG Chairman says Schaeffler could fund automotive parts

Tag : Parts For Car
 Continental AG . Chairman Hubertus von Gruenberg said his company should not wasteresources in fighting Schaeffler Group's takeover approach,indicating that Continental's car parts business could benefit fromfunding provided by the suitor, according to an interview withmanager magazin.
'When the takeover is likely, I would prefer us not to leavescorched earth,' he was quoted as saying in an excerpt of aninterview to be published on Friday.
'For the automotive parts business in particular I could wellimagine forms of financing beyond that of a listed stock company,'he added.
The chairman said that he will have to assess the offer togetherwith Chief Executive Manfred Wennemer and that differences ofopinion between the two over the approach are 'not fundamental,'according to the magazine.
Schaeffler is willing to commit itself contractually not to breakup Continental into separate parts, von Gruenberg was also quotedas saying.
He rejected speculation he might have known of or even initiatedSchaeffler's move, saying the approach was not foreseeable.
Von Gruenberg expects that Scheaffler co-owner Maria-ElisabethSchaeffler will seek to become Continental Chairwoman, in case thebid succeeds, he added.