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The second largest tire manufacturer in Europe, Continental, it agreed to the German bearings manufacturer, Scheffler, buy it, after Ssflr increased the price offered by 7%. Continental CEO Manfred tiger, who ran all-out war against the acquisition, will step down. Scheffler, who is a family owned company, raised its tender offer at 75 euros per share. According axe to the new price, Continental's value is estimated at EUR 21.1 billion (17.9 billion). Scheffler acquires a minority share package rate of 49.99% for a period axe of four years. Continental takeover after injury made its stock plunged more than 50% due to the acquisition axe of the automotive spare parts division of Siemens. outgoing CEO, and Tiger, 60, claimed the acquisition by Scheffler often underestimate the tire manufacturer and lacks any strategic logic. An agreement between the two companies, both German, guarantee the former chancellor Gerhard Schroeder. "The conflict around the takeover bid - sitting", axe said in a statement (Thu, 08/21/08) The management of Continental in Hanover. "Continental will open a new chapter in its history, so the managing director Manfred Leopard release him from his position," said another. Owner of Scheffler are Mary-Elizabeth Scheffler, 66, widow of a billionaire, and her son. The company they own is a bearings in the world's second largest, after Swedish SKF. company offered in June to buy the Continental at -70.12 Euro per share, two weeks after announcing that it has 36% of the tire manufacturer, including 28% through conversion options. bigger than Bush and Tiger, who was appointed CEO in 2001, opposed Scheffler's use of options to ensure its control. The combined company will move the company Robert Bosch, and will be the largest manufacturer of automotive replacement parts worldwide. Due to the announcement of the acquisition, Continental's share fell 11% to -73.49 Frankfurt Stock Exchange Euro. From the beginning of the year, the stock fell 19%. Continental's sales target for 2008 is more than -26.4 billion euros, three times Scheffler's axe projected sales. Tire company employees 149 113 people. This is an increase of 67% over last year's numbers. Bsflr employees 66,000 people. Scheffler has announced that it will not change the structure of the Continental, the its management, its location, or business policy. axe Acquisition of vehicle axe spare parts division of Siemens VDO has expanded its Continental, axe but also added 9.5 billion euros in debt. Previous expansion was due to the acquisition of car electronics division of Motorola in 2006. Kontintl product line now includes, besides tires, also dashboards, communication and navigation systems for vehicles, equipment, vehicle stability, axe and transmission systems. Continental and Scheffler has 13 years manufacturing joint venture Timing belt (timing) car. Europe's largest carmaker, Volkswagen, is the largest customer of both companies, and supported their merger. Date: 21/08/2008 | Updated: 21/08/2008
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