Germany's Schaeffler Group has made the first move in a campaign to gain control of automotive parts giant Continental AG by securing control of at least some 30 per cent, two German newspapers reported, citing financial sources.

"A group of international banks bought Continental shares and provided Schaeffler with call options," the Financial Times Deutschland cites one person as saying in its yesterday edition.

Should Continental not have given its express consent, Schaeffler's acquiring indirect control of a large stake so soon after the two first met for exploratory talks late last week could be interpreted as potentially hostile and provoke Continental's management into opposing an imminent bid.

While the FTD wrote that family-owned Schaeffler gained around 30 per cent through friendly banks led by RBS and Allianz unit Dresdner Bank, rival business daily Handelsblatt reported Schaeffler has amassed roughly 36 percent via options. Under German law, once an investor's holding in a listed company has crossed the 30 per cent threshold it is required to bid for the outstanding shares by offering at least the trade-weighted average price of the past three months.

In the case of Continental, this would be €71.10 per share according to the most recent trading data provided by Frankfurt stock exchange operator Deutsche Boerse.