Schaeffler Looks to Raise $1.5 Billion Amid Pandemic Fallout
- Company to seek approval to issue up to 200 million shares
- Extraordinary shareholder meeting to take place on Sept. 15
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Schaeffler AG is setting the stage to raise as much as 1.3 billion euros ($1.5 billion) as the automotive and industrial supplier looks to bolster its finances amid the fallout of the coronavirus pandemic.
The company will hold an extraordinary shareholders meeting on Sept. 15 to seek approval to issue as many as 200 million additional non-voting common shares, Schaeffler announced Thursday. The company’s stock fell as much as 6.1% to 6.06 euros.