Schaeffler Raises its Direct Conti Stake to 8%

Schaeffler Group has reportedly increased its direct shareholding in Continental AG to 8 per cent, German daily newspaper Die Welt has reported. According to the paper, the company bought an extra 5 per cent (in addition to an existing per cent stake) for a price of between 63.20 euros and 69 euros per share, well below the 70.12 euros per share offer the company pitched to all Conti’s shareholders.

Meanwhile, Handelsblatt reported that Schaeffler expects its net debt to rise to 23 billion euros in the event that purchases Continental AG completely. The newspaper said this would mean the company would take on annual interest payments of 1.7 billion euros, citing Schaeffler’s offer documents.