The Schaeffler Group today gave notice of their intention to terminate the investment agreement in place since 2008. The agreement will be terminated effective May 2014.
Continental AG and the Schaeffler Group together with its shareholders entered into the investment agreement on August 20, 2008 with the involvement of former German Chan-cellor Dr. Gerhard Schroeder. It governs their cooperation with respect to Schaeffler’s position as the largest single shareholder of Continental AG. Schaeffler currently holds 49.9 percent of the Continental AG shares.
The investment agreement no longer has any practical relevance for either company since key provisions of the agreement expired in August 2012. Schaeffler and Continental have benefitted from their excellent and pragmatic cooperation for years and will continue this cooperation in the future.
„As Continental AG’s major shareholder, we are very pleased with Continental’s achievements over the past few years. We consider our investment in Continental a long-term strategic investment aimed at sustainably increasing the value of Continental AG,” stated Maria-Elisabeth Schaeffler and Georg F.W. Schaeffler, shareholders of the Schaeffler Group.