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Continental Notified by Schaeffler of Termination of Investment Agreement

May 13, 2013

  • No impact on very good and goal-oriented cooperation

Hanover, May 13, 2013. 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.

Here you can download the press release as a doc-file.

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.