Schaeffler to sell back excess Continental shares

Newswire

HANOVER, Germany, Aug 22 (Reuters) - Schaeffler, which this week won its battle for control of Continental , said on Friday it would sell to banks any excess shares it gets in a tender for up to 49.99 percent of the auto components maker. The family-owned ball bearings maker is set to create the world's third-biggest car industry supplier, but it agreed to limit its stake in Continental to less than half for the next four years. Should it get more shares than it desires at this stage, it ...

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