Schaeffler takes step towards Continental merger

Newswire

FRANKFURT, June 28 (Reuters) - German ball-bearing maker Schaeffler stepped closer to a merger with Continental , hiving off its healthy operating business into a separate company together with its 75 percent stake in the auto parts supplier. Schaeffler spun them off and bundled the two into a limited liability company effective on Monday, ringfencing them from the core private partnership saddled with billions in debt. The borrowings stem from its largely botched attempt to acquire ...

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