[August 21, 2008] Schaeffler to limit Continental stake Tweet (Associated Press WorldStream Via Acquire Media NewsEdge) BERLIN_German auto parts maker Continental AG says it has ended a weekslong standoff over a takeover bid from smaller rival Schaeffler KG. The two have reached a deal that has Schaeffler raising its offer and agreeing to limit itself to a minority stake. Continental had repeatedly rejected the offer Schaeffler made last month. It now says the deal reached with the privately held company offers "an acceptable overall concept." Continental said in a statement Thursday that Schaeffler had agreed to increase its offer price per share to ?75 (US$110.61) from ?70.12 (US$103.41). Continental did not give an overall value for the new offer, but the previous one was worth about ?11.3 billion (US$16.66 billion). Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. [ Back To TMCnet.com's Homepage ]