Posted AT 6:27 AM EST on 21/08/08
Continental, Schaeffler agree on stake sale
FRANKFURT — Auto parts maker Continental AG said Thursday it had ended a weeks-long standoff over a takeover bid from smaller rival Schaeffler KG and reached a deal after Schaeffler raised its offer and agreed to limit itself to a minority stake.
But the deal claimed a prominent victim, Continental chief executive Manfred Wennemer, who asked to be released from his contract.
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