Wealthy widow battles corporate cooperation

Maria-Elisabeth Schaeffler, a former medical student and opera patron, inherited control of Schaeffler Group when her husband died 12 years ago. Today she is leading the battle against Germany's tradition of corporate cooperation.

On July 15, Schaeffler Group made an 11.3 billion-euro bid for Continental AG, Europe's second-biggest tiremaker, after saying it controlled almost 36 percent of the company's voting rights. It is the second unsolicited bid made by Schaeffler, 66, since 2001. Continental rejected the offer on Wednesday as too low.

Nine years ago, Vodafone Plc's hostile bid for Dusseldorf, Germany-based Mannesmann AG was condemned by then-Finance Minister Hans Eichel, who said Germany's "consensual model" had to be protected from "Anglo-American capitalism". Last week, the state premier of Lower Saxony backed Schaeffler's offer, saying it would secure jobs as car sales fall and fuel costs surge.