Continental AG to Hold Off on Stock Sale Before 2012

Continental AG doesn’t need a stock sale before 2012 and there are no plans “in the short term” to resume talks with banks on rescheduling loans, according to chief financial officer Wolfgang Schaefer. According to a Business Week interview, the company’s last stock sale completed in January means it now has financing until 2012 covering its net debt of 8.2 billion euros. “We are not considering at all raising new capital next year. We expect to reach investment-grade status in 2012 and are therefore convinced that the current amount of equity capital is the right one,” Schaefer said.