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Germany's Schaeffler happy with minority Continental stake - report

May 14, 2016 at 09:25 am EDT

FRANKFURT (Reuters) - German auto parts supplier Schaeffler AG has no plans to increase its 46-percent stake in rival Continental AG to gain a majority share, the head of the company's supervisory board told a newspaper on Saturday.

"We are very happy with the 46-percent stake," Georg Schaeffler was quoted as telling Sueddeutsche Zeitung.

Schaeffler has been working to reduce its debts since attempting to take control of parts and tyre maker Continental in 2008 at the height of the global financial crisis.

During that bid, it borrowed 16 billion euros to buy a 90 percent stake in Continental but the deal had to be partially unwound leaving Schaeffler with a 46 percent stake.

(Reporting by Harro ten Wolde; Editing by Helen Popper)

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
CONTINENTAL	137.2 EUR	-0.47%	-3.84%	13.3B
CONTINENTAL AG	- EUR	-.--%	-.--%	13.3B
CONTINENTAL AG	62.36 EUR	-1.80%	-5.60%	13.3B

Georg Schaeffler

Mr. Georg F. W. Schaeffler is a Chairman-Supervisory Board at Schaeffler AG, a Co-Managing Director at IHO Verwaltungs GmbH, a Co-Managing Director at INA-Holding Schaeffler GmbH & Co. KG and a Member-Management Board at IHO Beteiligungs GmbH. He is on the Board of Directors at Continental AG and Atesteo Management GmbH. Mr. Schaeffler was previously employed as a Chairman by Schaffler GmbH & Co. KG and a Co-Managing Director by IHO Holding Gmbh & Co. KG. He received his undergraduate degree from the University of St. Gallen and a graduate degree from Duke University School of Law.

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Schaeffler Technologies AG & Co. KG Schaeffler Technologies AG & Co. KG Metal FabricationProducer Manufacturing Schaeffler Technologies AG & Co. KG supplies integrated automotive and industrial products. It offers rolling bearings, spherical plain bearings, plain bearings and linear products, supplies mounting and dismantling, lubrication, alignment and condition monitoring. The company is headquartered in Herzogenaurach, Germany.	Chairman
SCHAEFFLER AG	Chairman

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