UPDATE 1-Schaeffler cuts debt in Continental share sale


* Schaeffler sells 15 pct of Continental shares for 1.8 bln * Debt in Holding sinks to 4.6 billion * Schaeffler to convert into joint-stock company (AG) * Continental shares up 1.15 percent FRANKFURT, March 28 (Reuters) - Ball-bearing maker Schaeffler will slash its enormous debt pile by 2.8 billion euros ($3.9 billion) after selling 15 percent of German auto supplier Continental . Schaeffler, which said it fetched 60 euros apiece for the 30 million shares, took control of the much ...

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