• Supervisory Board gives go-ahead for preparation of capital increase of up to €1.5-billion
• Prompt implementation planned / Refinancing talks with banks to be initiated

Hanover, July 30, 2009. Continental AG, Hanover, plans a capital increase to strengthen its financial structure. The company’s Supervisory Board accepted the proposal submitted by the Executive Board to prepare a capital increase of up to €1.5 billion within the framework of the corporation’s authorized capital.

Here you can download the press release as a doc-file.

With this decision, the Supervisory and Executive Boards intend to equip Continental with a sound financial structure for the medium and long term. Parallel to preparation of the capital increase, Continental is seeking to initiate refinancing talks with its creditor banks to deal with repayment of the credit tranche in the amount of €3.5 billion due in August 2010.