Continental and Schaeffler Group Substantiate Cooperation

(PresseBox) ( Hannover, )
Continental AG and Schaeffler Group have substantiated the basis for constructive cooperation, based upon the investment agreement. The Supervisory Board of Continental has asked the Executive Board, under the leadership of Karl-Thomas Neumann, to develop concepts for the cooperation between the automotive businesses of both groups. It is the joint ambition of both, Continental and Schaeffler, to create a second global champion in the automotive supplier business, with a home base in Germany. At the same time, the Supervisory Board took note of the proposal made by the Executive Board, to initiate a process to create an organizationally and legally independent Rubber Group (carve out). This process will be closely accompanied by the current chairman of the Supervisory Board, Hubertus von Grünberg.

In this connection, Hubertus von Grünberg wants to make his chairmanship available at short notice. The Supervisory Board has agreed with the Schaeffler Group, that the Schaeffler Group will receive four Supervisory Board seats, as foreseen within the mutual investor agreement. The Schaeffler Group has proposed Maria-Elisabeth Schaeffler, Georg Schaeffler, Jürgen Geißinger and Rolf Koerfer as their candidates, who - just like guarantor and former German Chancellor Gerhard Schröder - were invited to the Supervisory Board meeting. Following the appointment of these four individuals to the Supervisory Board by the relevant court, the Supervisory Board will proceed in electing a new chairman. To this extent, the Supervisory Board has agreed that Rolf Koerfer will run for the position of chairman of the Supervisory Board. Hubertus von Grünberg will continue to be a member of the Supervisory Board.

At the Annual Shareholders' Meeting on April 23, all members of the Supervisory Board will be up for regular reelection. In addition to the four members of the major shareholder, the Schaeffler Group, the nomination committee will name six further candidates for election. The nomination committee, which in the future will consist of four members, will also include two delegates from the Schaeffler Group. This structure will equally ensure continuity and the fair representation of all shareholders in the Supervisory Board.

"I am very pleased that after a period of intense discussion, we have found a solution which reflects the interests of all those involved," said the chairman of the Supervisory Board, Hubertus von Grünberg. "For the task of developing an entrepreneurial concept for an inde-pendent Rubber Group I am ready to assist with my advice."

"I am very happy that that what belongs together can now grow together," stated Maria-Elisabeth Schaeffler. "It is my strong conviction that Schaeffler and Continental will be able to master the current economic challenges together and have a promising future."

"We have our sights on a very ambitious goal. We want to create the second German cham-pion of global calibre," said Chief Executive Officer Karl-Thomas Neumann. "To reach this goal, we all have to pull together. And we can now do just that."

"I am pleased that it was possible to bring both sides together. Around 200,000 employees around the world will now have a better feeling of certainty," said guarantor and former Ger-man Chancellor Gerhard Schröder.
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