Conti CEO says no poison pills against Schaeffler

FRANKFURT (Reuters) - German tires-to-brakes group Continental (CONG.DE), does not plan to deploy any poison pills in its defence against privately owned German ball bearings maker Schaeffler's $17.6 billion (8.8 billion pound) takeover approach.

According to interviews for two German newspapers and Der Spiegel magazine due for publication in print on Sunday, Conti Chief Executive Manfred Wennemer feels ambushed by Schaeffler's unsolicited bid, but is confident he can ride out the storm.

The interview texts were made available to other media on Saturday.

If successful, a Schaeffler takeover of three-times-larger Conti would be the biggest in Europe this year. A combined group would rival German Robert Bosch ROBG.UL as the world's second-biggest car-parts supplier behind Japan's Denso (6902.T).

It would be the first time a German family business has acquired a company in Frankfurt's blue-chip DAX index .GDAXI.

The Financial Times (FT) weekend edition said Wennemer was expected to unveil at a supervisory board meeting on Wednesday "an aggressive defence plan" aimed at "a substantial premium," according to unidentified people briefed on the plan.

Schaeffler's surprise cash offer, launched earlier this week and worth at least 69.37 euros per Conti share, is too low and a tie-up would bring no benefits to Conti, Wennemer said, reiterating views voiced by the group's management this week.

German newspaper Welt am Sonntag said he would not build a poison-pill defence -- measures intended to thwart a hostile bid by making a target more expensive, for example by adding debt, or less attractive, for example by divesting a choice business.

"We will not do anything that is not in the interest of our staff, our customers or our owners," Wennemer said.