Deutsche Bank shuns role on €11bn Schaeffler bid

Friday 18 July 2008 at 16:09

Deutsche Bank is understood to have backed away from advising and financing ball bearing maker Schaeffler Group’s €11bn ($17bn) offer for tyre manufacturer Continental days before the company launched its controversial hostile bid.

Schaeffler Group is understood to have lined up Deutsche Bank to advise it on the bid as well as providing financing, but the German bank withdrew from the deal by “mutual consent”, according to a source familiar with the situation.