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Continental could do larger takeover but not eyeing specific target -CFO
March 2, 2017 / 11:33 AM / 9 months ago

Continental could do larger takeover but not eyeing specific target -CFO

BERLIN, March 2 (Reuters) - 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 Sheahan

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