(Reuters) - Schaeffler announced a 12 billion euro ($17 billion) refinancing that will relieve the German ball-bearing maker's debt problems, moving it a step closer to a merger with car parts maker Continental AG.
Here is a timeline of events in the last year:
2008:
July 30 - Bearings maker Schaeffler launches hostile 11.3 billion euro bid for Continental.
August 21 - Schaeffler wins control of Continental as the latter's management gives blessing to Schaeffler's offer. Continental CEO Manfred Wennemer, who had attacked Schaeffler as "egotistical, autocratic and irresponsible" after it covertly gathered 36 percent of Continental's stock, is ousted.
August 23 - Karl-Thomas Neumann appointed chief executive.
September 22 - Schaeffler wins unwanted and costly majority stake in Continental as investors snap up a full offer that had been made to satisfy regulatory requirements but whose low price became attractive as stock markets plummeted.
2009:
January 24 - Schaeffler names Rolf Koerfer, one of four supervisory board member candidates appointed by Schaeffler, as Continental chairman after forcing out Hubertus Gruenberg.
February 23 - Schaeffler says needs up to 6 billion euros ($7.8 billion) in fresh financing as the company again calls on the German government for help.
April 7 - Schaeffler gets 1 billion euro credit line from its banks to shore up its finances.
May 20 - Sources involved in the talks say Schaeffler is mulling a plan to sell big parts of its business to Continental.
June 8 - Continental will examine full merger with Schaeffler, says supervisory board Chairman Koerfer. CEO Neumann says talks with Schaeffler proceeding constructively.
July 30 - Neumann asked to resign.
August 12 - Continental's supervisory board votes unanimously to dismiss Neumann. Koerfer agrees to step down once a management shake-up, including finding a new finance chief, is complete.
August 18 - Schaeffler's banks agree to a 12 billion euro ($17 billion) refinancing plan that will help relieve its debt, sending Continental shares up 10.2 percent.
(Writing by Carl Bagh, Bangalore Editorial Reference Unit; Additional writing and editing by David Cutler)
