Schaeffler Group, the world’s second-biggest maker of roller bearings, has agreed with banks on refinancing for its debt and will increase its stake in Continental AG , Europe’s second-largest tiremaker,
The Schaeffler Group refused to remove Hans Rolf Koerfer , a member of Continental AG ’s supervisory board who is accused of having a conflict of interest, from his post, Sueddeutsche Zeitung reported, citing Schaeffler Chief Executive Officer Juergen Geissinger .
The planned merger of Continental AG and Schaeffler Group may be delayed by several years or fail altogether because of U.S. tax demands, Handelsblatt reported, citing unidentified people close to Schaeffler.
Schaeffler Group has bulging orders even as euro-region economies are slowing, Automotive News Europe reported, citing Peter Pleus, head of the company’s engine-systems division, in an interview published on its online edition.
Schaeffler Group owner Maria- Elisabeth Schaeffler said she “can’t imagine” the company without family ownership and that the future with Continental AG will be “positive.” She was speaking at a business congress in Hamburg today.