March 23 (Reuters) - 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
Apollo, Bain in bidding for Continental industrial unit, Bloomberg News reports
Private Equity Interest in Continental's Industrial Division
March 23 (Reuters) - 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.
Competing Bidders and Joint Offers
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.
Status of Negotiations
It added that talks are ongoing, and neither the size nor the timing of the deal have been finalised.
Comments from Involved Parties
Apollo, Continental, CVC, Bain Capital, Clearlake and Advent declined to comment. KPS and Platinum did not immediately respond to Reuters' requests for comment.
Background: Continental's Restructuring Efforts
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.
Exchange Rate Information
($1 = 0.8625 euros)
Reporting Credits
(Reporting by Dagmarah Mackos; Editing by Tomasz Janowski, Jan Harvey and Chris Reese)
