Continental AG.'s supervisory board will convene August 13 to discuss the takeover attempt by family-owned Schaeffler Group, industry sources told dpa news agency.

Bearings-maker Schaeffler last offered 70.12 euros per Continental share, below the target's current share price, valuing Continental at more than 11.3 billion euros.

Schaeffler already controls some 36 percent of shares in the German automotives parts and tire supplier through a direct stake and swap agreements related to Continental's stock.

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