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Schaeffler is sticking to plans Conti

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DETROIT (Dow Jones) – The auto supplier Schaeffler has its Plans for the merger with Continental AG is not changed. "We put anything on the ice and speed up anything," said CEO Juergen Geissinger on Monday on the outskirts of the motor show in Detroit in response to a press release.
Previously, the "Handelsblatt" (Monday edition) had reported that Schaeffler had put the merger plans on ice and in the next twelve months, no merger was planned. Loud Geissinger is in the plans, nothing has been changed. The time frame for the proposed transaction does not stand still.
Schaeffler-Conti is the largest shareholder. After the capital of the Hanoverian about 1 billion EUR in the Last week, the participation is still at 75.1%.
Geissinger also said that the manufacturer of rolling bearings achieved its profit and sales target was. On the revenue had Schaeffler in 2009 with a break at around EUR 7.5 billion to 8.9 billion euros in Expected last year. The margin before interest and taxes (EBIT) could in year, the brand has just started to exceed 5%, then the manager.