UPDATE 1-Schaeffler launches hostile bid for Continental

Newswire

(Adds details, background, share price) FRANKFURT, July 30 (Reuters) - German ball-bearing firm Schaeffler launched a hostile $18 billion bid for tyre-to-brakes firm Continental on Wednesday after failing to get management's blessing for a deal. A takeover would be the biggest so far this year in Europe and would put the combined group head-to-head with Robert Bosch [ROBG.UL] for the position of second-biggest global car-parts supplier -- behind Japan's Denso . Schaeffler's approach ...

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