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Continental shares surge on takeover talks

Mohit Joshi 14 July 2008

Frankfurt - Shares in giant German tyre maker Continental AG rocketed by more than 20 per cent Monday after the group confirmed that it had held takeover talks.

Hanover-based Continental said that the German ball-bearing manufacturer, the Schaeffler Group, had made what German media reports say was a more than 10 billion-euro (15.9 billion dollars) bid for the company.

Continental's confirmation that it had held talks with the family- led Schaeffler group sent the tyre maker's shares up by more than 24 per cent to 66.99 euros. (dpa)

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