FRANKFURT, May 13 (Reuters) - Germany’s Continental AG said its large shareholder Schaeffler has terminated an investment agreement in place since August 2008 that protected the tyre maker from being acquired.
Schaeffler currently owns 49.9 percent of Continental.
“Notice of termination of the investment agreement is understandable from the vantage point of Schaeffler, our anchor shareholder,” said Elmar Degenhart, CEO of Continental AG, in statement.
“We are confident that the two companies will continue their very good and goal-oriented cooperation on into the future,” he added.
Reporting By Christiaan Hetzner