Business News
Continental Open to a Takeover Proposal by MAG
Thursday 07. May 2009 - This morning Continental is continuing its talks with the management of MAG with the objective of jointly defining the terms of a possible takeover proposal for the Clairoix plant.This meeting is being held the day after MAG management visited the plant. Initially scheduled for May 4, the visit was postponed at the request of the Ministry for the Economy, Finances and Employment for safety reasons, the site having been closed temporarily following the destruction of fire prevention, alarm and surveillance systems.
“Since they informed us of their interest in the Clairoix plant, approximately a month ago, we have met with those at MAG charged with the matter on several occasions and exchanged a host of information with them. We continued this dialog this week, with a presentation of the plants technical and industrial details at a meeting in Paris on Monday and then at the Clairoix site on Tuesday. This morning we shall propose to MAG that negotiations be entered into with regard to a takeover offer. We are working on this subject in a totally professional manner,” indicated Nikolaï Setzer, head of the Passenger & Light Truck Tires division at Continental.
Todays talks between Continental and MAG deal with a transfer of the plant and its full production capacities, including its personnel, equipment and know-how. Should terms be reached on this, the MAG project will be submitted to the consideration of the representative boards of Continental France.”Within the framework of the current talks, Continental is showing a real open-mindedness with respect to a potential proposition on the part of MAG, also providing MAG support and technical assistance,” elaborated Nikolaï Setzer.
With sales exceeding 24 billion in 2008, the Continental Corporation is one of the top automotive suppliers worldwide. As a supplier of tires, brake systems, systems and components for the powertrain and chassis, instrumentation, infotainment solutions, vehicle electronics and technical elastomers, the corporation contributes towards enhanced driving safety and protection of the global climate. Continental is also a competent partner in networked automobile communication. The corporation employs nearly 140,000 at approximately 190 locations in 35 countries.