Continental to Launch 1 billion euro Share Offer in January
Continental AG will reportedly run its long-expected 1 billion euro share offer in January. Sources told the Reuters news agency that "preparations are almost done," with the prospectus to be discussed “at a board meeting in mid-December." According to the reports, the capital increase will be less than the maximum 54 million shares agreed by shareholders, as Schaeffler fears the dilution of its 90 per cent stake, the sources said. Reuters reported that Schaeffler wants to keep its Continental stake to at least 75.1 per cent. This will apparently give Schaeffler direct access to Conti's earnings after 2012, subject to the two companies’ acquisition agreement, which was signed following the initial takeover move in 2008.