Schaeffler’s confirmation that it had gained control over nearly half of the shares in rival Continental draws a line under a fierce summer takeover battle, which seemed to many a watershed moment in Germany’s corporate history.

The family-owned company on Tuesday said it had already gained control of 48 per cent of the shares in the car parts and tyremaker as part of €75 per share tender offer, which values Continental at €12.1bn ($17.6bn).