Schaeffler places Continental AG shares at 122.50 eur apiece

FRANKFURT, Sept 17 Tue Sep 17, 2013 3:21am EDT

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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.

($1 = 0.7489 euros) (Reporting by Maria Sheahan; Editing by Christoph Steitz)

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