When Continental decided to purchase ITT Industries' brake and chassis business for $1.93 billion in 1998,[REF] the head of ITT's brake division, Juergen M. Geissinger, was hired as the CEO of the family-owned bearing and auto parts manufacturer Schaeffler Group [REF].
In August 2008 and after a protracted standoff, Continental agreed to be taken over by the Schaeffler Group in a deal that valued the company at approximately €12 billion [REF].