Schaeffler places Continental AG shares at 122.50 eur apiece
FRANKFURT, Sept 17
FRANKFURT, Sept 17 (Reuters) - German auto parts maker Schaeffler Group said on Tuesday it placed 7.8 million shares in automotive supplier Continental AG at 122.50 euros apiece, raising about 950 million euros ($1.3 billion).
Schaeffler had said late on Monday it planned to sell 4 percent of Continental to cut its debt, taking advantage of a 20-year high in the Continental share price.
The move cuts its stake to about 46 percent from currently 49.9 percent.