Continental AG, Europe’s second- biggest car-parts maker, said revenue in the fourth quarter will be slightly higher than in the third as the company’s tire and electronics businesses grew faster than competitors.
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,
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.
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 .
Porsche SE , the German sportscar maker, and Schaeffler Group, which controls Europe’s second- biggest tiremaker, are selling 6.8 billion euros ($9.6 billion) in stock to cut debt in the busiest week for German equity sales since September.