Schaeffler reiterates eyes over 30 pct Conti stake
FRANKFURT, July 20 (Reuters) - German privately-owned ball bearings maker Schaeffler said on Sunday it was open for constructive talks with German tyres-to-brakes maker Continental (CONG.DE: Quote, Profile, Research, Stock Buzz), for which it has launched an $18 billion takeover bid.
Schaeffler reiterated its aim for a stake of more than 30 percent in three-times-bigger Continental, which has said it would welcome a Schaeffler participation of up to 20 percent.
Schaeffler said in a statement its approach was not intended to lead to a break-up of Continental. It said its 69.37 euros per share offer was appropriate and that it expected Continental shareholders to find it interesting. (For a related story, click on [ID:nL1968057]) (Reporting by Peter Starck; Editing by Richard Hubbard)
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