Axa Cuts its Conti Stake to Under 10 per cent

French insurance giant Axa has cut its voting stake in Continental, the German maker of tyres and auto parts, to less than 10 per cent, according to the automotive supplier. As of 4 January, Axa’s voting stake in Continental stood at 9.52 per cent, the auto parts specialist said in a mandatory legal filing published in the German press. Previously, Axa had held a share of 10.05 per cent in Continental’s voting capital.

The French insurer is still Continental’s biggest single shareholder, ahead of US private equity fund Capital Group with 5.1 per cent and Barclays bank with 4.5 per cent. According to the AFP news agency, the rest of the share capital is widely distributed, which, along with the relatively low market capitalisation, leaves Continental vulnerable to possible takeover.

In September Continental said it had been approached by an unnamed investment fund with a view to a possible acquisition.