Private equity firms including Apollo Global Management and Bain Capital are weighing bids for tyremaker Continental’s industrial division in a deal that could value it at roughly 3.5 billion euros ($4.06 billion), Bloomberg News reported on Monday.
Other bidders in the next round for rubber and plastics division ContiTech include Advent and CVC Capital Partners, which are partnering on a joint offer, along with Platinum Equity, KPS Capital Partners and Clearlake Capital, the report said, citing people familiar with the matter.
It added that talks are ongoing, and neither the size nor the timing of the deal have been finalised.
Apollo, Continental, CVC, Bain Capital, Clearlake and Advent declined to comment. KPS and Platinum did not immediately respond to Reuters’ requests for comment.
Continental has been undergoing a major restructuring to become a pure-play tyre company, amid challenges for car manufacturers and their suppliers, including U.S. tariffs, weaker demand, intensifying Chinese competition and negative foreign exchange effects.
Source: Reuters.com