Schaeffler Sells 1.8 Billion Euros in Continental AG Shares
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Schaeffler Group, the world’s second-biggest maker of roller bearings, sold Continental AG stock worth 1.8 billion euros ($2.5 billion) to reduce debt.
M.M. Warburg and Bankhaus Metzler placed 29.7 million shares in Europe’s second-largest tiremaker held on Schaeffler’s behalf at 60 euros apiece, the Herzogenaurach, Germany-based company said today. That reduces the stake controlled by Schaeffler to 60.3 percent from 75.1 percent.