Schaeffler reduces debts, increases direct Conti stake to 49.9%
Schaeffler Group has confirmed a series of measures re-financing the company by reducing detbs by around 2.8 billion euros and re-positioning itself in relationship to Continental AG. Following a string of news reports suggesting the moves were on the horizon, the company issued a statement on 28 March confirming it is selling approximately 29.7 million indirectly owned shares in Continental AG, increasing its directly owned stake from 42.2 to 49.9 per cent and is converting into a stock corporation (from Schaeffler GmbH to Schaeffler AG) this year. Continental shares reportedly rose 1.6 per cent during trading on Monday 28 March in response to the news.