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Schaeffler Group, the German auto parts maker, announced that the company will increase its shareholding in the direct controlling shareholder of the Continental Group from 42.2% to 49.9%. At the same time, the company also plans to reduce financial liabilities.
Schaeffler said that the company will purchase 15.5 million shares from two lenders, MM Warburg and MH Warburg and Bankhaus Metzler, making the company directly The controlling shareholder's shareholding ratio increased from 42.2% to 49.9%. At present, Schaeffler, Warburg Family Bank and Formitzer Bank have reached an agreement, all three agreed that in the next year will not reduce its holdings in the Continental Group.
In addition, the company also plans to sell 30 million shares of Continental Group, its German tire supplier, to international investors of all parties, with a total value of approximately 1.8 billion euros (approximately 2.5 billion U.S. dollars). The company said that this move was to reduce Schaeffler’s financial liabilities.
It is reported that the company's two lenders will be responsible for the sale of these shares. Schaeffler said that the company has reached a comprehensive refinancing plan with the two banks, and the proceeds from the sale of shares will be used to repay Schaeffler’s debt.
According to Bloomberg News, Schaeffler’s accumulated debt amounted to 12 billion euros since the purchase of Continental Group shares. At present, the company holds 75.1% of the shares of Continental Group.
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