D he majority of the investors are of the opinion 'that a merger is on based on convincing industrial logic ', said Schaffler CFO Klaus Rosenfeld of the' Börsen-Zeitung '.
Financial flexibility is assured
According to Rosenfelds According to information, the highly indebted Schaffler Group put its financing on a new basis in August 2009. The loans have terms of four and a half years and six years respectively. 'We have sufficient financial flexibility and room for maneuver,' emphasizes Rosenfeld, Dresdner Bank's CFO until 2009.
Now it is a matter of reducing debt to both companies as quickly and sustainably as possible. In terms of operational business, the company is already working profitably again. Despite the crisis, Schaeffler generated positive operating earnings month after month in 2009.
'It is our declared goal to create a structure that is suitable for the capital market,' said Rosenfeld. The financing is based on the conviction, which is shared by the five creditor banks, 'that the connection between Schaeffler and Continental has considerable value potential'. This comes from the resurgent operating business, the market, the market position, possible synergies and also improved valuation ratios.
Schaeffler was in financial difficulties because of the acquisition of the majority in Conti. In the summer, however, the Franconian family business had agreed on a financing concept with the banks for the next few years. After the takeover offer ended in 2008, Schaeffler held around 90 percent of Conti shares.