March 8, 2018 / 11:28 AM / 14 days ago

Continental has no major M&A plans but more funds at hand: CFO

BERLIN (Reuters) - Continental (CONG.DE) said its financial resources for acquisitions have increased on the back of growing earnings but it has no near-term plans for a large takeover deal.

Logo of German tyre company Continental is seen before the annual news conference in Hanover, Germany March 2, 2017. REUTERS/Fabian Bimmer

“You should not expect me to give information soon about a big acquisition,” finance chief Wolfgang Schaefer said in an interview on Thursday.

    “But of course the means we have at hand and the possibilities in general after a good year have grown a bit again,” he said, after the company reported a 3.5 percent gain in fourth-quarter adjusted earnings.

    Separately, Schaefer said the auto parts and tyre maker would take a hit from possible U.S. tariffs on steel and aluminum imports as car prices in the U.S. would rise.

    Reporting by Andreas Cremer and Jan Schwartz; Editing by Douglas Busvine

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