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.
($1 = 0.7489 euros) (Reporting by Maria Sheahan; Editing by Christoph Steitz)
- Tearful Thai PM urges protesters to take part in election
- Google bus blocked in San Francisco gentrification protest
- North Korea's 'reign of terror' worries South's leader
- Chinese hackers spied on Europeans before G20 meeting: researcher
- Putin dissolves state news agency, tightens grip on Russia media