November 13, 2019 / 8:43 AM / a month ago

BDT Capital takes 25% share of Schaeffler non-voting shares

BERLIN, Nov 13 (Reuters) - Investment firm BDT Capital Partners has acquired 25% of the outstanding non-voting common shares of Schaeffler, the German bearings maker said on Wednesday.

Shares in Schaeffler, which jumped last week after better-than-expected third-quarter figures, were up 0.5% at 0835 GMT.

In March, Schaeffler said it would cut 900 jobs, shut plants and reduce its product range after its 2018 earnings slumped due to weak demand in Europe and China and it warned of a challenging few years ahead for the autos sector.

Schaeffler is especially vulnerable to the shift to electric vehicles, which use practically no bearings, unlike the combustion engine. (Reporting by Emma Thomasson, editing by Riham Alkousaa)

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