Takeover Offer
In August 2008, Continental agreed to be taken over by the family-owned auto parts manufacturer Schaeffler Group and a consortium of banks in a deal valuing the company at €12 billion. Schaeffler has however pledged to restrict its stake in the company to less than 50% for at least four years. Continental chief executive officer Manfred Wennemer, who had tried to preserve the independence of the company, in contrast to the chairman of the supervisory board, Hubertus von Grünberg, subsequently announced his resignation, stating that the "sneaky" move had been carried out "egotistically, high-handedly and irresponsibly". Dr. Karl-Thomas Neumann has succeeded Manfred Wennemer as chief executive officer of Continental on 1 September 2008.
Read more about this topic: Continental AG
Famous quotes containing the words takeover and/or offer:
“A poet is a combination of an instrument and a human being in one person, with the former gradually taking over the latter. The sensation of this takeover is responsible for timbre; the realization of it, for destiny.”
—Joseph Brodsky (b. 1940)
“How could a man be satisfied with a decision between such alternatives and under such circumstances? No more than he can be satisfied with his hat, which hes chosen from among such shapes as the resources of the age offer him, wearing it at best with a resignation which is chiefly supported by comparison.”
—George Eliot [Mary Ann (or Marian)