Schaeffler Owners Sell Remaining Non-Voting Shares in Partsmaker

Schaeffler AG’s main owners are selling their remaining non-voting stake in the car-parts producer six months after scaling back an initial stock sale amid auto-industry turmoil prompted by Volkswagen AG’s emissions scandal.

The founding family’s Schaeffler Verwaltungs GmbH investment vehicle is disposing of 94.4 million shares, or 14.2 percent of the issued capital, via an accelerated book-building process to institutional investors, the company said in a statement.

The stock will be priced at 13.10 euros to 13.50 euros a share, according to a term sheet seen by Bloomberg News. The top of the range, which is 2.9 percent less than Schaeffler’s 13.91-euro closing price on Monday, would raise as much as 1.3 billion euros ($1.48 billion).

Maria-Elisabeth Schaeffler-Thumann and her son, George Schaeffler, hold voting control in the Herzogenaurach, Germany-based manufacturer, which also produces ball bearings. The initial public offering in October was reduced to 75 million shares from a planned 166 million shares after Volkswagen, Europe’s biggest carmaker, disclosed that it had rigged a line of diesel engines to pass emissions readings only during official tests.

The disclosure hurt shares of Volkswagen’s rivals as well as car-parts makers. Even so, Schaeffler Chief Executive Officer Klaus Rosenfeld said at the time of the IPO that Volkswagen accounted for about 10 percent of the supplier’s annual revenue and that the customer’s troubles wouldn’t significantly affect sales.

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