Schaeffler in Talks Over Chinese Funding-magazine

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Jun 29,2009

German ball-bearing maker Schaeffler is in talks with Beijing over a stake sale, German magazine WirtschaftsWoche reported on Saturday. Schaeffler, laden with debt from the takeover of automotive parts supplier Continental AG (CONG.DE), was in talks over the stake sale to strengthen its finances in the short term and had offered Beijing access to its know-how and distribution channels, the magazine said, citing industry sources in Beijing. "We have always said that we would speak to potential investors," a Schaeffler spokesman was quoted as saying by WirtschaftsWoche. Nobody at Schaeffler was immediately available to comment. Last July, Schaeffler launched a hostile $18 billion bid to buy Continental but ended up collecting more shares than it could afford, lumbering it with debt as car sales collapsed.

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