In late January, German Chancellor Angela Merkel dismissed any government help for the struggling company.

Family owned Schaeffler finalized a deal to buy Hanover-based Continental earlier this year for about euro8 billion ($10.4 billion) -- a move that indebted Schaeffler heavily just as global car markets were unraveling.

All of Germany's car makers have reported weakening sales in the last several weeks and on Feb. 2 Schaeffler said it would introduce a shorter work hours program at most of its 25 German production facilities for six months as a result.

Continental has recently defended its own financial position, but its business is also strained by the current market environment. Continental's shares were 82 percent below their 52-week high set last summer, trading at euro14.52 ($19) Monday.

On Sunday, Maria-Elisabeth Schaeffler said that despite an active search, the company had not found any investors to see it through the current crisis, and continued to defend her family's decision to buy Continental. She said Schaeffler would pay fees and interest on any bridge loan, and that the company didn't want to burden taxpayers.

She said the family would pay back any loans with its own money, or that Schaeffler could divest itself of some assets to repay a loan once markets had improved.

'The strategic alliance between Schaeffler and Continental follows an industrial approach which is as appropriate today as it was in the past,' she said in the statement.

'Schaeffler Group requires support for a limited period of time. Our talks with politicians are about securing interim financial aid in a special exceptional situation for a company that is sound at the core.'

Schaeffler and Continental employ about 220,000 worldwide; 80,000 employees are in Germany.

The complete fusion of the two companies creates one of the world's largest auto parts makers, rivaling the likes of Robert Bosch GmbH.