Schaeffler KG wins control of Continental AG using an unusual takeover strategy in which it quietly acquired options – rather than actual shares – in its larger German rival. Schaeffler has agreed to take a minority stake of up to 44.9% in Continental for a 4-year period in a deal that values Continental at €12.1 billion ($17.8 billion). Continental CEO Manfred Wennemer, who vigorously opposed the hostile takeover and searched for a friendly white-knight bid, will step down at the end of ...

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