September 17, 2013 / 9:16 AM / 4 years ago

Schaeffler owners to keep Continental stake at 46 pct -CFO

BERLIN, Sept 17 (Reuters) - German car parts maker Schaeffler Group may keep its holding in automotive supplier Continental AG at 46 percent “over the long term” after selling a 3.9 percent stake, finance chief Klaus Rosenfeld said.

“It’s my understanding that this (46 percent) is the size of the holding that one wants to keep over the long term,” Rosenfeld told reporters on a conference call on Tuesday, referring to Schaeffler’s owners.

Schaeffler Group said earlier on Tuesday that it has sold a 3.9 percent stake in Continental for about 950 million euros ($1.3 billion), taking advantage of a more than 20-year high in Continental’s share price to pay down debt. (Reporting by Andreas Cremer)

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