UPDATE 1-Schaeffler family aims to keep blocking minority

Newswire

* Schaeffler family to remain "anchor investor" * No firm timetable to present restructuring plan (Adds details and background) FRANKFURT, Feb 24 (Reuters) - The Schaeffler family is prepared to give up majority control of its business but wants to keep a blocking minority, it said on Tuesday after agreeing to surrender a substantial equity stake to reduce debt. The family-owned bearings maker borrowed 16 billion euros ($20.39 billion) to buy control of car parts maker Continental AG ...

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