September 24, 2012 / 4:41 PM / 5 years ago

Schaeffler cuts Continental AG stake to lower debt

FRANKFURT, Sept 24 (Reuters) - German automotive parts supplier Schaeffler plans to sell shares in strategic partner Continental AG worth 1.69 billion euros ($2.18 billion), reducing its stake to 49.9 percent and cutting debt in the process.

In a statement on Monday, Schaeffler said its two German private banks, M.M. Warburg and Bankhaus Metzler, will place 20.8 million shares with investors as part of an accelerated bookbuilding offering. ($1 = 0.7743 euros) (Reporting By Christiaan Hetzner)

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