Pursuits
Porsche, Schaeffler Are Selling 6.8 Billion Euros in Stock
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Porsche SE, the German sportscar maker, and Schaeffler Group, which controls Europe’s second-biggest tiremaker, are selling 6.8 billion euros ($9.6 billion) in stock to cut debt in the busiest week for German equity sales since September.
Porsche, which is merging with Volkswagen AG, will start a 5 billion-euro rights offering on March 30. Closely held Schaeffler, the world’s second-biggest maker of roller bearings, today sold 1.8 billion euros of shares in Continental AG to institutional investors to reduce borrowings accrued from its purchase of a controlling stake in the tiremaker in 2008.