Schaeffler places 4% Conti shares to reduce debt

17th September 2013 | 12,345 Comments
 

Schaeffler Holding and Schaeffler AG have announced that the companies have placed roughly 4 per cent of Continental shares with a range of investors. According to a statement issued by Schaeffler group, net proceeds will be used to pay down debt as well as additional reduction of debt from excess cash flow. However, the company re-affirmed that Continental AG remains a long-term strategic shareholding.

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