FRANKFURT, Sept 25 German automotive parts
supplier Schaeffler has sold 10.4 percent of the shares of its
partner Continental AG for 77.50 euros each, its banks
holding said on Tuesday.
Schaeffler reaped 1.6 billion euros ($2.1 billion) from the
share sale which according to a source close to the deal was two
The proceeds from the sale will go entirely to reducing just
over 5 billion euros in debt, weighing on Schaeffler Holding,
which Schaeffler financial chief Klaus Rosenfeld said would
amount to about 3.5 billion euros after the transaction.
Continental shares lost 3.9 percent in early trade.
($1 = 0.7743 euros)
(Reporting by Alexander Hübner and Arno Schuetze)