Continental AG yesterday roundly rejected a takeover offer worth more than €11.2-billion ($17.8-billion) from smaller auto parts maker Schaeffler Group, but indicated that it might be interested if Schaeffler ups its offer. Continental said its supervisory and executive boards both dismissed Schaeffler's current offer, made earlier this month, but agreed that an deal of some kind with Schaeffler is "desirable." Schaeffler is offering €70.12 per Continental share, below Continental's current share price after gains last week that followed news of Schaeffler's interest. CON (Frankfurt) fell 42 euro cents to €72.57.
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Schaeffler bid rejected; Continental willing to talk
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