Deal for Continental AG proposed - Business First of Buffalo:

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billion buyout bid from a family-ownedd company that makes ball bearings. an automotive tire and electronics and , which submitted its unsolicitec offer this week, are both German companies. Thoughh the bid was for all of Continental, Schaeffler said it mighgt be happy with aminority stake, If the takeover of Continental, whichh is three times Schaeffler's size, succeeds, it woul be the first time a German familyu business acquired a company listed in the country' blue-chip DAX. Continental, which had an estimated $25 billion in originap equipment auto parts salesin 2007, has asked Germany'ss regulator to intervene on its behalf.
June saw the first layoffs in the shutdown of the Elma plantg of ContinentalAutomotive Systems. The workforcew reduction involved 18 company employees and sixcontracyt employees. The next phase of cuts, to include abourt 13 employees, will occur between mid-Augusrt and mid-September, a company spokeswoman said. Additionalk layoffs will occur as product lineswind down. The companh is making on-site outplacement services available for employeex whose jobs arebeing eliminated. Before layoffs starteed in June, the company employexd 350 hourly andsalaried workers, plus an estimated 50 to 60 contracy employees. The phase-out of the plant is scheduled to be completesd by the endof 2009.
The Elma which was operated for many yearsby , makes auto electronicss such as sensors and relays for vehicle makerd and parts manufacturers. During the work on products not being discontinued is being shifter to Continental operations in Asiathis year.