Schaeffler Reaps $1.3B From Continental Stock Sale

Law360, New York (September 17, 2013, 2:02 PM ET) -- German auto parts maker Schaeffler Group has completed the sale of a 3.9 percent stake in Continental AG for roughly €950 million ($1.27 billion) and committed all of the proceeds to debt reduction, Schaeffler said Tuesday.

Schaeffler sold 7.8 million shares in the German auto and truck parts manufacturer for €122.50 per share. The company took advantage of record -high stock prices for Continental — the highest in at least 20 years — to get maximum value on the stock placement.

Schaeffler also committed €325 million...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers