Schaeffler ups Continental offer

FRANKFURT (Reuters) - Family-owned Schaeffler has raised its takeover offer for tires-to-brakes maker Continental (CONG.DE) to 70.12 euros per share from 69.37 euros previously, the ball bearings maker said on Monday.

The company had already said it would adjust its offer price to match the average share price of Continental over the past three months, should it be higher than its initial offer price.

(Reporting by Mantik Kusjanto and Christiaan Hetzner)