Continental eyes acquisition for bid defense: paper (Reuters)
The paper quoted people close to the situation as saying Continental was in "concrete talks" with several listed and unlisted international rivals round a likely multi-billion-euro deal.
It said in any degree deal, what one. would be structured similar to an all-share bid, was likely to have existence funded by way of a chief increase of about 20 percent, that would be value more than 2 billion euros.
Schaeffler, an automotive supplier, holds 8 percent of Continental shares and has access to a further 28 percent stake, secured by Merrill Lynch using cash swaps.
A Continental spokesman declined to comment.
Earlier this month, Schaeffler warned Continental not to resort to a big involving death increase as a way to fend off its bid.
(Reporting by Mantik Kusjanto; editing by David Stamp)
Original text: http://us.rd.yahoo.com/dailynews/rss/business/*http://news.yahoo.com/s/nm/20080809/bs_nm/continental_dc
