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Conti tries to fend off Schaeffler bid

Continental has lined up potential investors, as it attempts to fend off a £8.9bn hostile bid from Schaeffler, its privately-owned rival.

The German automotive supplier is in talks with five investors that are prepared to pay a higher price than Schaeffler.

Sources have said one of the investors was the Japanese tyremaker Bridgestone, reported the Financial Times.

But bankers said the offer was not a realistic option for Conti as it would probably involve a break-up of the company.

To earn more time for a possible deal, Conti is considering holding an extraordinary shareholders’ meeting.

This would automatically extend Schaeffler’s offer, due to end on August 27, by six more weeks.

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