Roller bearings maker, Schaeffler Group, will sell part of its stake in car parts maker, Continental, to reduce its debt, Financial Times reports. The banks, Metzler and MM Warburg, which hold a stake in Continental on Schaeffler’s behalf, will sell up to 30 million shares. Schaeffler’s 15% stake sale, worth about €1.82 billion, will reduce its interest in Continental to 60%. Schaeffler is also planning to increase its directly held stake in Continental to 49.9% from 42.2% by relocating some of the shares held by MM Warburg and Metzler. The banks will retain about 10% of the shares.
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