FRANKFURT, Germany (AP) -- Automotive parts maker Schaeffler Group KG said Monday it holds 90.2 percent of the shares of rival Continental AG, effectively ending months of jockeying between the two companies and creating one of the world's largest autoparts makers.
Schaeffler said in a statement that Continental shareholders had taken up Schaeffler's offer for 82.41 percent of Continental's shares at the Sept. 16 offer deadline -- beyond the 7.78 percent stake of Continental Schaeffler already held.
In late August, privately held Schaeffler upped its offer for Continental to 75 euros ($110.50) a share from 70.12 euros ($103.31), and agreed to limit its stake in Continental at 49.99 percent for four years, ending what had been weeks of negotiations on the offer between the two companies.
Schaeffler said Monday it would offer other investors a share in its stake to keep its holding below a majority.
Herzogenaurach-based Schaeffler makes ball bearings for the industrial, aviation, aerospace and the automotive sectors as well as components for engines, transmissions and drive trains.
Hanover-based Continental makes products including tires, brakes and interiors for cars and trucks. The complete fusion of the two companies would create one of the world's largest autoparts makers, rivaling the likes of Robert Bosch GmbH.
Schaeffler's statement said the deal still faces regulatory approvals from several authorities in Europe and North America.
Shares of Continental fell 2.7 percent at 69.11 euros ($100.90) in Frankfurt afternoon trading.
