According to sources quoted by the Financial Times (Germany) as saying that the Continental Group intends to sell the tire business unit and non-tire rubber business unit ContiTech, the mainland group has hired an investment bank Perella Weinberg to search for it. Potential buyers. Continental Group declined to comment on the news.
At present, the Continental Group is controlled by the Schaeffler Group. Schaeffler will submit an anti-monopoly application report to the European Commission on the acquisition of Continental Group next week. Before the mainland was controlled by Schaeffler, there were rumors that the mainland would sell tires and ContiTech after being controlled. However, on August 21st, the long-term agreements signed by Continental and Schaeffler on the merger and acquisition case show that "Schoeffler supports the current development strategies and business policies of the Continental Group Management Committee, while maintaining its existing market size and brand, and does not intend to sell its products. Business or take other substantive changes to the structure."
If the mainland group really wants to sell the tires division, Michelin and Pirelli may bid, because the two tire companies have expressed interest in the mainland tire sector (although Pirelli later said that they are not interested), but the Michelin, Pirelli" stations The premise is that they do not believe that the Continental Group will soon sell tires.
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