Schaeffler To Sell 4% Of Continental AG-Reuters

Monday, 16 Sep 2013 06:31pm EDT 

Reuters reported that Schaeffler Group said it will sell 4% of Continental AG to cut debt. Schaeffler is placing eight million shares with investors to pay creditors, including Goldman Sachs, which is also running the transaction, it said. The shares are worth about EUR1 billion ($1.3 billion) after the stock price of Continental AG climbed to EUR126.95 on August 16, 2013 its highest in more than 22 years, according to Thomson Reuters data. 

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