Continental AG. shareholders representing 8.06 percent of the company's stock by Tuesday night had agreed to tender their holdings in the automotive supplier to Schaeffler Group, the family-owned maker of ball bearings said.

Continental earlier this month came to an agreement with Schaeffler, which will buy a minority stake in the Continental for 75 euros per share after increasing its offer from 70.12 euros per share.

Schaeffler committed itself to keeping its holding below 50 percent for at least four years.

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