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GERMANY - Financial investor knocked back on first DAX takeover

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The first ever DAX-takeover attempt by a private equity bidder has been prematurely knocked back, according to an article in today's Handelsblatt. According to automotive supplier Continental, which has a market capitalisation of EUR 13bn, a tentative offer was submitted to the company yesterday. Financial sources have cited Bain Capital as an interested party, however the financial investor declined to comment.

According to the report it is not surprising that Continental should be among the first DAX-listed companies to come under scrutiny from financial investors. The company is minimally leveraged and cash rich, and could be streamed into three separate units: tyres, automotive systems, and Conti-Tech, which produces industrial automotive technology. Further the group is not dominated by a single majority shareholder which might look to block any proposed private equity deal.
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