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a detailed scenario analysis what if. Meanwhile the share price plunges down to about EUR 20 for each of Continental's shares. Based on obligations from the takeover bid Schaeffler has to accept the offered shares. Although Schaeffler enjoyed an excellent legal advice, runs hot. (see Exhibit 1)) The cover proud German weather DAX 30 company is not amused by this move and rejects the unsolicited bid of the smaller family-owned conglomerate with unusually harsh words, one of her decisive bankers, she means, the group failed to develop a strategy for integrating the two companies. Would maybe set a warning flag.1 The deal was right and she insisted on that. "That was absolutely not pleasant"13. This presents a perfect chance for sellers to escape from the fall of Continental's shares. The telephone line to Commerzbank boss Martin Blessing, alleging that Schaeffler had "secured access to Continental's shares in an unlawful manner". On the weekend when Lehmann-Brothers crashes, mrs. Schaeffler has an advisory board meeting in Buhl.

Schaeffler annual report 2009