BERLIN, March 2 German auto parts and tyre maker
Continental has no plans at present for any larger
takeover deal but said it could shoulder an acquisition worth
over 2 billion euros ($2.11 billion).
"We are in principle ready to also carry out a somewhat
larger acquisition if it's the right step strategically for
Continental," finance chief Wolfgang Schaefer told Reuters.
But Continental is not in talks at present over any target
of greater size, Schaefer said in an interview on Thursday after
the company released 2016 earnings.
Continental wants to reduce its reliance on the volatile
cyclical business of carmakers which accounts for the bulk of
its sales and is keen to invest in new mobility services.
The Hanover, Germany-based company's last major deal was the
purchase of U.S. rubber company Veyance Technologies in 2014 for
1.4 billion euros. Continental had 6 billion euros of liquidity
reserves at the end of 2016.
($1 = 0.9496 euros)
(Reporting by Andreas Cremer and Jan Schwartz; Editing by Maria