Schaeffler Reaps $1.3B From Continental Stock Sale

Law360, New York (September 17, 2013, 2:02 PM EDT) -- 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...
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